Delignit - Confidence undimmed

Delignit continues to please with a 16% rise in FY18 EBITDA despite a demanding comparative and one-off contract as well as project start-up costs. Automotive, the major sector, stole the show with revenue up a quarter thanks to strong OEM activity and the maximisation of revenue per vehicle. This momentum, allied with an initial contribution from a potentially transformative OEM motor caravan order, underpins guidance of further double-digit growth in 2019 revenue at maintained EBITDA margin. Finances are healthy (year-end net debt was inflated by a temporary delay in customer receipts), allowing investment (up c 20% in FY18) and a progressive dividend policy.