Business
Interim Report - six months ended 30 June 2014
Interim Report - six months ended 30 June 2014.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n \nRNS Number : 7459R Flowtech Fluidpower PLC 16 September 2014 \n\n\n\n\n\nIssued on behalf of Flowtech Fluidpower PLC\nDate: Tuesday, 16 September 2014\nImmediate Release\n\n\n \n \n\n\n\n\nFLOWTECH FLUIDPOWER PLC\nINTERIM REPORT\nFOR THE SIX MONTHS ENDED 30 JUNE 2014\n \n\n\n\n\n \nAT A GLANCE\nContinuing operations\n\n\nChange\nHY 2014\n v \nHY 2013\n\n\nHY2014\n30.6.14\n\n\nHY 2013\n30.6.13\n\n\nFull year\n31.12.13\n\n\n\n\n· Group revenue\n\n\n+6.3%\n\n\n£17.191m\n\n\n£16.167m\n\n\n£32.104m\n\n\n\n\n· Gross profit\n\n\n+3.9%\n\n\n£6.119m\n\n\n£5.887m\n\n\n£11.330m\n\n\n\n\n· Underlying operating profit*\n\n\n+7.3%\n\n\n3.281m\n\n\n£3.058m\n\n\n£5.324m\n\n\n\n\n· Operating profit\n\n\n-61%\n\n\n£1.062m\n\n\n£2.697m\n\n\n£4.963m\n\n\n\n\n· Maiden interim dividend\n\n\n\n\n\n1.67p\n\n\n-\n\n\n-\n\n\n\n\n· Net debt\n\n\n\n\n\n£6.132m\n\n\n£69.479m\n\n\n£69.762m\n\n\n\n\n \n\n\n\n\n*Underlying operating profit is continuing operations operating profit before share based payment costs, restructuring costs and IPO costs\n\n\n\n\n \n\n\n\n\nSean Fennon, Chief Executive Officer said: \"We are delighted to have completed a successful IPO on AIM and thank you to all shareholders who have supported the company. Trading continues to be encouraging and in line with our expectations. In addition, we have a number of opportunities we are perusing with a view to accelerating channel development and geographic expansion\"\n\n\n\n\n \n\n\n\n\nHIGHLIGHTS\n\n\n\n\n· Strong institutional support at IPO in May 2014 - Private Equity exit complete\n\n\n\n\n· Clear focus on strategy going forward: commenced delivering on stated IPO objectives with first acquisition completed post period and from within existing resources - enhancing the Flowtech footprint, brand portfolio and customer offering\n\n\n\n\n· Trading remains in line with expectations, whilst a number of new opportunities currently being investigated\n\n\n\n\n· Management remain confident about the future\n· An interim dividend of 1.67p wil...