I N T E R I M R E S U L T S 8 September 2004. Financial highlights 6 months to June 2004 £ million...
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Transcript of I N T E R I M R E S U L T S 8 September 2004. Financial highlights 6 months to June 2004 £ million...
I N T E R I M R E S U L T S8 September 2004
Financial highlights
6 months to June 2004£ million
20041 Half
20031 Half % inc.
Group sales 70.9 69.7 1.8%
Operating profit 10.1 10.1
Operating margin 14.3% 14.5%
Net interest (1.4) (1.5)
Profit before tax 8.7 8.6 1.7%
Earnings per share 3.9p 3.7p 6.0%
Dividend per share 1.25p 1.1p 13.6%
Key features
Strong volume growth
Adverse market / product line mix
Strength of sterling
Strong Cutisin performance
Investment in capacity
Cash impact of Cutisin minority purchase
New products
Sales analysis 2004
Sales change vs 2003
1 Half
Volume 7.0%
Price / Mix(1.8)%
Operations 5.2%
Foreign Exchange(3.4)%
Total 1.8%
Regional sales by destination 2004
Change vs 2003
Solid growth in UK / Ireland
Strong performance in Eastern Europe and Russia
Pricing pressure in the UK
Adverse exchange impact
2004£m Operations Exchange Total
Europe 42.0 3.3% (1.8)% 1.5%
Regional sales by destination 2004
Change vs 2003
Market share gain in domestic US market
Strong growth in Latin America
Increased volume discounts
Impact of weak US$
2004£m Operations Exchange Total
Americas 14.8 10.1% (12.4)% (2.3)%
Regional sales by destination 2004
Change vs 2003
Australia / New Zealand broadly in line
Strong recovery of volumes in Japan
Volume gains in South East Asia
Positive exchange impact
2004£m Operations Exchange Total
Asia / Pacific 14.1 5.7% 2.1% 7.8%
Regional sales 2004
Sales change vs 2003
1 Half2004£m Operations Exchange Total
Europe 42.0 3.3% (1.8)% 1.5%
Americas 14.8 10.1% (12.4)% (2.3)%
Asia / Pacific 14.1 5.7% 2.1% 7.8%
Total 70.9 5.2% (3.4)% 1.8%
Profit and loss
6 months to June 2004£ million
20041 Half
20031 Half
Group sales 70.9 69.7
Operating profit 10.1 10.1
Operating margin 14.3% 14.5%
Net interest (1.4) (1.5)
Profit before tax 8.7 8.6
Tax 2.5 2.6
Minority interest 0.0 0.1
Profit for the period 6.2 5.9
Earnings and dividend
6 months to June 200420041 Half
20031 Half
Earnings per ordinary share
Basic 3.9p 3.7p
Diluted 3.9p 3.7p
Dividend per ordinary share 1.25p 1.1p
Balance sheet
£ millionJune2004
December2003
Fixed assets 86.6 89.2
Net current assets 32.0 25.8
Long term creditors and provisions (53.7) (50.2)
64.9 64.8
Share capital, share premium and reserves
58.0 56.6
Retained earnings 6.9 8.2
64.9 64.8
Net debt (31.5) (26.7)
Gearing (48.5)%(41.2)%
Cash flow
6 months to June 2004 £ million
20041 Half
20031 Half
Net cash inflow from operating activities 10.1 10.5Net interest paid (1.5) (1.6)Tax paid (2.1) (1.4)Capital expenditure (4.0) (2.4)Acquisitions and disposals (1.7) (0.2)Equity dividend paid (3.8) (3.2)Net cash flow before financing (3.0) 1.7Exchange (1.8) (0.7)
(Increase) / decrease in net debt (4.8) 1.0
Interest cover 7x 7x
Outlook
Update on development of new products
Second half trading