Preliminary Results 2000
15/03/2001
Overview
- Results in line with market expectation.
- Prospects for some recovery in underlying earnings remain positive.
- Jeffrey Herbert, Chairman, to retire at AGM. David Gawler to become Chairman and Chief Executive with effect from 25 April 2001. Nigel Smith, Chief Executive, to stand down.
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| Summary of results: | |
Year ended 31 Dec 2000 |
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Year ended 31 Dec 1999 |
| Turnover* | £934.0m | £896.9m | ||
| Operating Profit*^ | £47.8m | £62.8m | ||
| Pre tax profit*^ | £31.4m | £59.0m | ||
| Underlying earnings per share | 18.9p | 43.1p | ||
| Dividends per share | 8.0p | 20.0p | ||
| * Continuing businesses ^Before goodwill amortisation and exceptional items |
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Commenting today, Nigel Smith, Chief Executive said:
'The business continues its process of recovery following the Lincoln bid and prospects for some recovery in underlying earnings in 2001 remain positive. A fundamental three year restructuring programme in Esab, announced today, will accelerate investment in the business and produce first benefits in the second half of this year.'
David Gawler, Chairman and Chief Executive elect said:
'In Esab and Howden the group has two world leading businesses and I am looking forward to becoming Chairman and Chief Executive of Charter following the AGM in April. I will, together with my colleagues, seek to improve cashflows and enhance shareholder value and will be evaluating the strategic and operational options available to the group.'
Contact
Nigel Smith, Chief Executive; Nigel Robson, Finance Director
Neil Jamieson, Head of Investor Relations +44 (0) 207 838 7071
Andrew Fenwick, Brunswick +44 (0) 207 404 5959
View the Full Announcement.