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2008 results significantly ahead of 2007 despite weak final quarter |
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– Revenue of £2,203 million, up 23%* |
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– Trading profit of £216.3 million, up 11%* |
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– Headline profit before tax of £176.2 million, up 18% |
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– Headline earnings per share of 8.9 pence, up 9%** |
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– Free cash flow of £73 million, up £26 million |
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Successful integration of Foseco into Ceramics division, with greater synergy savings than initially anticipated |
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End-market weakness continuing into Q1 2009 |
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Management actions continuing as planned to reduce cost base by £40 million and conserve cash; suspending expansion capex, dividends and UK pension ‘top-up’ payments will reduce cash outflow by greater than £85 million compared to 2008 |
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Rights issue successfully completed (£241 million net proceeds) on 4 March 2009, reducing indebtedness and providing more suitable capital structure for current economic environment |
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| * at constant currency |
| ** As restated for the effect of the rights issue in March 2009 |
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| † |
After central corporate costs of £7.6m |
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End-Markets |
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 Steel, foundry, glass, solar, industrial  Electronics, industrial, automotive  Retail jewellery |
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| SUMMARY OF RESULTS |
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2008 |
2007 |
Reported
rates |
Constant
rates |
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| Revenue |
|
£2,203m |
£1,620m |
+36% |
+23% |
| Trading profit* |
|
£216.3m |
£169.6m |
+28% |
+11% |
| Return on sales* |
|
9.8% |
10.5% |
-0.7pts |
-1.0pts |
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| Profit before tax |
- headline* |
£176.2m |
£149.8m |
+18% |
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- basic |
£89.6m |
£151.6m |
-41% |
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| Tax rate - headline** |
|
27.5% |
26.9% |
+0.6pts |
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| Earnings per share*** |
- headline* |
8.9p |
8.2p |
+9% |
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- basic |
3.3p |
8.0p |
-59% |
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| Dividends per share*** |
- interim |
0.88p |
0.64p |
+38% |
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- final |
- |
1.32p |
- |
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| Free cash flow* |
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£73.1m |
£47.6m |
up £25.5m |
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| Net debt* |
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£731.7m |
£50.6m |
up £681.1m |
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| * |
Refer to Note 3.22 of the consolidated financial statements for definitions |
| ** |
Tax rate on headline profit before tax from continuing operations (before share of post-tax profit of joint ventures) |
| *** |
As restated for the effect of the rights issue in March 2009 |
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| * Continuing operations |
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| [ back to top] |
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