Press Releases

04 Aug 2009

2009 Half year results

HIGHLIGHTS

• Revenue of £929 million, down by one-third on an underlying basis*
• Trading profit of £16.5 million.  All divisions profitable
• Cost-reduction programmes proceeding as planned to reduce annual cost base by over £65 million and headcount by 3,200 (19%) from September 2008 level
• Exceptional charges (pre tax) of £86 million, including £66 million for restructuring
• Strong free cash flow of £84 million, compared to £7 million in first half 2008
• Net debt reduced by £294 million to £438 million, through rights issue and strong cash generation and after £24 million cash outflow for restructuring 
• Some recent signs of recovery in ceramics end-markets; progressively improving trends in electronics end-markets since March continuing into third quarter

* at constant currency and metal prices and as if Foseco had been acquired on 1 January 2008

View full press release (PDF)

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