Charter plc Preliminary Results 2004
23/03/2005
Highlights
| Year ended 31 December | |||||
| 2004 |
2003 | ||||
| £m | £m |  |
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|
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| Turnover | |||||
| Continuing operations | 870.4 | 842.4 | |||
| Discontinued operations | - | 28.8 | |||
| 870.4 | 871.2 | ||||
|
|||||
| Operating profit | |||||
| Continuing operations | |||||
| Adjusted operating profit1 |
54.3 | 30.0 | |||
| Goodwill amortisation |
(1.2) | (1.2) | |||
| Operating exceptional items |
(19.2) | (9.9) | |||
| 33.9 | 18.9 | ||||
| Discontinued operations | 0.6 | 10.1 | |||
| Operating exceptional items |
- | (0.9) | |||
| Operating profit | 34.5 | 28.1 | |||
|
|||||
| Non-operating exceptional items | 5.2 | (1.0) | |||
| Profit before interest | 39.7 | 27.1 | |||
|
|||||
| Financing costs | (11.6) |
(23.3) | |||
| Profit before tax | 28.1 | 3.8 | |||
|
|
|
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| Net debt | 66.5 | 136.8 | |||
| Earnings/(loss) per share - basic | |||||
| Headline |
10.4 | p | (6.2) | p | |
| Adjusted1 |
16.0 | p | 9.9 | p | |
1.
before exceptional items and amortisation of goodwill
Earnings per share calculations for 2003 have been restated for the rights issue
Financing costs for 2003 include exceptional costs of £6.5 million
Earnings per share calculations for 2003 have been restated for the rights issue
Financing costs for 2003 include exceptional costs of £6.5 million
Highlights
- Substantially improved results
- Adjusted operating profit on continuing operations up 81% to £54.3 million
- Operating margins increased to 7.8% (2003: 5.5%) in Esab and 6.3% (2003: 2.5%) in Howden
- Profit before tax, goodwill and exceptional items increased to £43.3 million (2003: £23.3 million)
- Adjusted EPS up 62% to 16.0p
- Net debt reduced from £136.8 million to £66.5 million
David Gawler, Chairman and Chief Executive, commented today:
“I am pleased to report substantially improved results for the year. Restructuring and cost cutting initiatives over the past four years have resulted in improved operational efficiencies as evidenced by the significant increases in operating margins at Esab and Howden. These core businesses are now better placed to benefit from the improving conditions and opportunities in their key markets. Net debt was reduced by £70.3 million and the Company ended the year in a much stronger financial condition than it has enjoyed in the recent past.
In the light of the 2004 results, trading to date and the incremental restructuring benefits expected this year, the Board views the outlook for 2005 with confidence.”
Contact
Andrew Fenwick; Pamela Small, Brunswick +44 (0) 20 7404 5959
David Gawler, Chairman and Chief Executive +44 (0) 20 7404 5959