Interim Statement of Results for the Six Months Ended 30 June 2002
04/09/2002
Highlights
- Underlying operating profit of £21.8 million up 55% on the first half of 2001
- Headline earnings per share 10.3 pence (2001: loss per share of 22.6 pence)
- Debt stabilised and targeted to be reduced by year end
- Further initiatives implemented in restructuring programme
| £ million |  |
Six months ended 30.6.02 |
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Six months ended 30.6.01 |
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Year ended 31.12.01 |
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| Turnover | 451.8 | 477.6 | 961.8 | |||
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| Underlying operating profit1 | 21.8 | 14.1 | 37.2 | |||
| Amortisation of goodwill | (0.6) | (0.6) | (1.1) | |||
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21.2 | 13.5 | 36.1 | |||
| Interest2 | (9.9) | (9.5) | (18.3) | |||
| 11.3 | 4.0 | 17.8 | ||||
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| Exceptional items | 3.8 | (26.0) | (38.1) | |||
| Profit/(loss) before tax | 15.1 | (22.0) | (20.3) | |||
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| Net debt | 222.8 | 238.9 | 214.1 | |||
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| (pence per share) | ||||||
| Underlying earnings per share1 | 6.7 | 3.1 | 12.3 | |||
| Headline earnings per share | 10.3 | 22.6 | 34.8 | |||
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| 1before exceptional items and amortisation of goodwill 2before exceptional items |
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David Gawler, Chairman and Chief Executive, commented today:
“Following the improvement in underlying operating profits in the second half of last year, I am pleased to report that the initiatives taken in restructuring the Group’s activities, closing loss-making businesses and reducing the Group’s ongoing cost base have resulted in improved margins in the current year. In the six months ended 30 June 2002 the Group recorded underlying operating profits of £21.8 million, a 55% increase over the £14.1 million reported in the first half of last year.
An exceptional credit of £15.2 million arose following the release, on satisfactory terms, of guarantees which had been given in 1999 on the disposal of Wirth, the German tunnelling business. A further non-operating exceptional profit of £0.2 million arose on the sale of a property. These exceptional credits have been partially offset by operating exceptional costs of £7.7 million which have been incurred in restructuring the Group’s activities and a non-operating charge of £3.9 million representing the loss on the proposed disposal of Bauer Howden Inc, a US aerospace business.
Demand during the period under review was below that experienced last year, however, provided market conditions do not deteriorate further, the Board anticipates that the Group’s underlying operating profits for the full year will be in line with market expectations.”
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.