Charter plc Preliminary Results 2005
16/03/2006
 | 2005 £m |
| 2004 s £m |
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| £m | £m | ||||||
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| Revenue | 1,065.7 | 870.4 | +22% | ||||
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| Adjusted operating profit 1 | 97.5 | 54.9 | +78% | ||||
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| Operating profit | 101.7 | 54.9 | +96% | ||||
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| Profit before tax | 103.5 | 41.0 | +152% | ||||
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| Profit after tax | 83.5 | 36.6 | +128% | ||||
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| Profit attributable to equity shareholders | 74.0 | 29.8 | +148% | ||||
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| Net debt | 6.5 | 66.3 | -90% | ||||
| pence | pence | ||||||
| Earnings per share | Adjusted 2 | 43.0 p | 19.8 | +117% | |||
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| Basic | 46.9 | 20.9 | +124% | ||||
1.before exceptional tax credit of £5.3 million in 2006 and gains or losses on retranslation of intercompany loan balances
2.Before exceptionals and gains or losses on retranslation of intercompany loan balances
David Gawler, Chairman and Chief Executive, commented today:
“I am pleased to report that 2005 has been another highly successful year for Charter. The Company has achieved substantially improved results with adjusted operating profits having increased by 78 per cent to £97.5 million, pre tax profits increased by 152 per cent to £103.5 million and adjusted earnings per share by 117 per cent to 43.0 pence per share.
The excellent results achieved in 2005 reflect the strength of the key markets in which ESAB and Howden have traded and the significant benefits that have arisen from the programme of restructurings, plant and business closures and cost reduction and other initiatives implemented in recent years. These two factors have certainly contributed to the substantial improvements in ESAB’s and Howden’s 2005 adjusted operating margins of 10.3 per cent (2004: 7.9 per cent) and 9.7 per cent (2004: 5.9 per cent), respectively.
ESAB and Howden have started the year strongly and in the first two months of the year are ahead of the Board’s previous expectations in both operating profit and cash flow terms; furthermore, since year-end Howden’s order book has continued to grow. For these reasons, and given the excellent results achieved in 2005, the Board views the Company’s trading prospects for 2006 with confidence.”
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