Filtrona plc (“Filtrona”), the international, market leading, speciality plastic and fibre products supplier, today announces its results for the half year ended 30 June 2009.
27 August 2009
Filtrona half year results
| Half Year ended 30 June (Continuing operations) |
2009 | 2008 | % change |
% change at constant exchange rates |
||||
|---|---|---|---|---|---|---|---|---|
| Revenue | £227.7m | £216.1m | 5.4% | (7.3%) | ||||
| Adjusted operating profit¹ | £29.6m | £29.6m | - | (15.7%) | ||||
| Adjusted profit before tax¹ | £25.3m | £26.4m | (4.2%) | |||||
| Adjusted earnings per share¹ | 8.1p | 8.6p | (5.8%) | |||||
| Operating cash flow ² | £30.7m | £20.7m | 48.3% | |||||
| Interim dividend per share | 2.70p | 2.70p | - | |||||
| Operating profit | £22.8m | £28.7m | (20.6%) | |||||
| Profit before tax | £18.5m | £25.5m | (27.5%) | |||||
| Basic earnings per share | 5.0p | 8.3p | (39.8%) |
¹ Before intangible amortisation and major restructuring costs
2 Adjusted operating profit before depreciation and share option expense less working capital movements less net capital expenditure
Highlights
- Revenue growth of 5.4% with adjusted operating profit¹ level with prior year, assisted by favourable foreign currency movements.
- Strong operating cash flow2 of £30.7m, up 48.3%.
- Sustained focus on cash management and delivery of anticipated benefits from restructuring.
- Strong lead indicators in Protection and Finishing Products position it well for when industrial markets recover.
- Good performances in Coated and Security Products and Filter Products demonstrate the expected resilience of their end markets.
- Porous Technologies benefited from successful Lendell integration and new business wins offset by continued depressed demand in writing instruments and household products.
- Net debt significantly reduced to £119m, assisted by the sale of the North American Plastic Profile and Sheet business, with new debt facilities secured until April 2012.
- Interim dividend maintained at 2.70p per share.
Commenting on the results, Mark Harper, Chief Executive of Filtrona, said:
“As expected, conditions in a number of Filtrona’s markets have been difficult in the first half of the year. Nevertheless, the Company has delivered encouraging results with particularly strong operating cash flows due to an acute focus on cash management and cost control, including an 8.2% headcount reduction in the past year.
“Current business trends indicate that market conditions have stabilised, although it is anticipated that the balance of 2009 will remain challenging. However, the Company’s strong market positions, robust cash generation and tight cost control give the Board confidence that the Company will continue to demonstrate resilience and is well positioned to resume growth as demand recovers. As a result, the Board has decided to maintain the dividend at 2.70p.”
Enquiries
Filtrona plc
Mark Harper, Chief Executive
Steve Crummett, Group Finance Director
Tel: 01908 359 100
Financial Dynamics
Andrew Lorenz
Sophie Kernon
Tel: 020 7269 7291
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