26 February 2009
Filtrona Full Year Results
Filtrona plc (“Filtrona”), the international, market leading, speciality plastic and fibre products supplier, announces its results for the year ended 31 December 2008.
| Year ended 31 December (Continuing operations) |
2008 | 2007 | % change |
% change at constant exchange rates |
||||
|---|---|---|---|---|---|---|---|---|
| Revenue | £526.4m | £494.2m | 6.5% | (0.9%) | ||||
| Adjusted operating profit ¹ | £65.0m | £64.4m | 0.9% | (8.1%) | ||||
| Adjusted profit before tax ¹ | £58.2m | £58.2m | - | |||||
| Adjusted earnings per share¹ | 18.6p | 17.2p | 8.1% | |||||
| Operating cash flow ² | £65.6m | £68.3m | (4.0%) | |||||
| Total dividend per share | 7.78p | 7.60p | 2.4% | |||||
| Operating profit | £61.7m | £57.9m | 6.6% | |||||
| Profit before tax | £54.9m | £51.7m | 6.2% | |||||
| Basic earnings per share | 17.3p | 15.3p | 13.1% |
¹ Before intangible amortisation and exceptional acquisition fees (2007: intangible amortisation and restructuring costs)
2 Adjusted operating profit before depreciation and share option expense less working capital movements less net capital expenditure
Highlights
- Revenue growth of 6.5% assisted by favourable foreign currency movements, with strong margins.
- Adjusted operating profit¹ ahead of prior year at £65.0m, after charging £1.8m of restructuring costs.
- Adjusted earnings per share¹ up 8.1% to 18.6p.
- Strong cash generation, with operating cash flow2 of £65.6m.
- Plastic Technologies revenue up 11.1% and adjusted operating profit¹ up 10.6%, with margins maintained.
- Fibre Technologies revenue up 1.1%, with improved fourth quarter performances from Filter Products and Porous Technologies.
- Acquisition of Lendell business for US$35m.
- Total dividend of 7.78p per share up 2.4%.
Commenting on the results, Mark Harper, Chief Executive of Filtrona, said:
“The delivery of these results in generally adverse economic conditions reflects the strength of Filtrona’s market positions and the Company’s cash generative business model
“It is expected that global economic conditions will remain challenging during 2009. However, the relatively defensive nature of a number of Filtrona’s key served markets, combined with the Company’s focus on cash generation, cost control and reinforcement of its strong market positions, give the Board confidence that Filtrona will continue to demonstrate resilience and that the Group is well positioned to deliver growth as demand recovers.”
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 by 4pm today.
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