Preliminary Results 2001
05/03/2002
(for the year ended 31 December 2001)
Highlights
- Turnover up by 3.0% to £961.8 million
- Underlying operating profit of £23.1 million in second half, up by 64% on the first half
- Reduction in net debt of £24.8 million since 30 June 2001
- Restructuring programme to benefit operating profits and cash flow in 2002
Summary of results
 |
2001 | |
2000 | |||||
| (£ million) | 1st half | |
2nd half | |
Total | |
Total | |
| Turnover | 477.6 | 484.2 | 961.8 | 934.0 | ||||
| Underlying operating profit1 | 14.1 | 23.1 | 37.2 | 47.8 | ||||
| Amortisation of goodwill | (0.6) | (0.5) | (1.1) | (1.0) | ||||
| 13.5 | 22.6 | 36.1 | 46.8 | |||||
| Interest2 | (9.5) | (8.8) | (18.3) | (16.4) | ||||
| Profit before tax2 | 4.0 | 13.8 | 17.8 | 30.4 | ||||
| Exceptional costs | (26.0) | (16.5) | (42.5) | 3.8 | ||||
| Exceptional interest credit | - | 4.4 | 4.4 | - | ||||
| (Loss)/profit before tax | (22.0) | 1.7 | (20.3) | 34.2 | ||||
| Net debt | 238.9 | 214.1 | 214.1 | 209.8 | ||||
| (pence per share) | ||||||||
| Underlying earnings per share1 | 3.1 | 9.2 | 12.3 | 18.9 | ||||
| 1 before exceptional items and amortisation of goodwill 2 before exceptional items |
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David Gawler, who was appointed Chairman and Chief Executive on 25 April 2001, commented today:
"Whilst the group's underlying operating profit for 2001 of £37.2 million was down on last year, second half underlying operating profit was £23.1 million, 64% up on the first half. Net debt has been reduced by £24.8 million since 30 June 2001 and borrowings are targeted to be reduced further in 2002.
I am confident that the initiatives taken in restructuring the group's activities, closing loss-making businesses and reducing the ongoing cost base will provide a more stable platform for profitable growth and enhanced cash flow in the future. The prospects for 2002 will, to an extent, be dependent on the prevailing economic climate, particularly in the Americas, but on balance further steady progress should be made in the year ahead."
Contact
Andrew Fenwick; Pamela Small, Brunswick +44 (0) 20 7404 5959
David Gawler, Chairman and Chief Executive; David Eilbeck, Finance Director
+44 (0) 20 7404 5959
View the Full announcement.