Filtrona plc (“Filtrona”), the international, market leading, speciality plastic and fibre products supplier, today announces its half year results for the six months ended 30 June 2008.
| Half year ended 30 June 2008 | H1 2008 | H1 2007 | % change | |||
|---|---|---|---|---|---|---|
| (continuing operations) | ||||||
| Revenue | £264.6m | £257.2m | 2.9% | |||
| Adjusted operating profit¹ | £34.2m | £34.7m | (1.4%) | |||
| Adjusted profit before tax¹ | £31.0m | £31.5m | (1.6%) | |||
| Adjusted earnings per share¹ | 9.9p | 9.3p | 6.5% | |||
| Interim dividend per share | 2.70p | 2.52p | 7.1% | |||
| Operating profit | £33.3m | £29.9m | 11.4% | |||
| Profit before tax | £30.1m | £26.7m | 12.7% | |||
| Basic earnings per share | 9.7p | 7.8p | 24.4% |
¹ Before intangible amortisation and 2007 restructuring costs
Nb: Impact of exchange rate movements: Revenue +£8.2m, operating profit +£1.6m.
Highlights
- Robust performance, with revenue growth of 2.9% and strong operating margins.
- Adjusted operating profit¹ marginally down to £34.2m (2007: £34.7m), after charging £1.0m of previously announced restructuring costs in 2008.
- Adjusted earnings per share¹ up 6.5% to 9.9p (2007: 9.3p).
- Plastic Technologies revenue up 10.0% and adjusted operating profit¹ up 11.1% with strong performances from the Protection and Finishing Products and Coated and Security Products divisions.
- Good operational progress in Fibre Technologies with robust margins although revenue and adjusted operating profit¹ reduced.
- Interim dividend of 2.70p per share (2007: 2.52p) up 7.1%.
Commenting on today's announcement, Mark Harper, Chief Executive of Filtrona, said:
“These first half results demonstrate the robustness of Filtrona in the context of the challenging market conditions which have prevailed during this period.
“Good progress has been made across a number of the divisions and the sustainability of the operating margin provides evidence of strong international market positions and the quality of our operations.
“Whilst there has to be caution with regard to market conditions during the balance of the year it is anticipated that the Company’s strong market positions will provide resilience. As a result, the Board remains confident that Filtrona’s performance will continue to progress in line with its expectations.”
Enquiries
Filtrona plc
Mark Harper, Chief Executive
Steve Crummett, Group Finance Director
Tel: 01908 359 100
Financial Dynamics
Richard Mountain
Sophie Kernon
Tel: 020 7269 7121
Presentation
1. A webcast of today’s analyst presentation of these results will be available on www.filtrona.com by 3pm today.
The presentation is available to view by clicking here
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