Press Releases

09 Mar 2009

Announcement of 2008 Results

 HIGHLIGHTS

·  2008 results significantly ahead of 2007 despite weak final quarter, and slightly ahead of estimates published on 29 January 2009: 

- Revenue of £2,203 million, up 23%*

- Trading profit of £216.3 million, up 11%*

- Headline profit before tax of £176.2 million, up 18%

- Headline earnings per share of 8.9 pence, up 9%**

- Free cash flow of £73 million, up £26 million

 · Successful integration of Foseco into Ceramics division, with greater synergy savings than initially anticipated

 · End-market weakness continuing into Q1, as previously predicted

  · 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  

· Rights issue successfully completed (£241 million net proceeds) on 4 March 2009, reducing indebtedness and providing more suitable capital structure for current economic environment

View full press release (PDF)

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