Business
Full-year results for period ended 31 Dec 2017
Full-year results for period ended 31 Dec 2017.
About this update from Morgan Advanced Materials Plc
[{"type":"text","content":"\n \nRNS Number : 9845F Morgan Advanced Materials PLC 27 February 2018 \n\n \n \n \nFull-year results for the period ended 31 December 2017\n \n \n \n\n\n\n\n£ million \nunless otherwise stated\n \n\n\n \n2017\n\n\n \n2016\n\n\nAs Reported\nchange\n%\n\n\nOrganic\nConstant Currency(1) change\n%\n\n\n\n\nHeadline results\nRevenue\n\n\n \n1,021.5\n\n\n \n989.2\n\n\n \n3.3%\n\n\n \n1.4%\n\n\n\n\nGroup headline operating profit(1)\n\n\n119.7\n\n\n116.9\n\n\n2.4%\n\n\n3.5%\n\n\n\n\nGroup headline operating profit margin(1)\n\n\n11.7%\n\n\n11.8%\n\n\n\n\n\n\n\n\n\n\nHeadline EPS (1)\n\n\n22.5p\n\n\n22.7p\n\n\n(0.9)%\n\n\n\n\n\n\n\nTotal dividend per share\n\n\n11.0p\n\n\n11.0p\n\n\n\n\n\n\n\n\n\n\nFree cash flow before acquisitions, disposals, dividends, and additional US pension payments(1)\n\n\n54.0\n \n\n\n48.0\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStatutory results\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating profit\n\n\n158.1\n\n\n107.3\n\n\n\n\n\n\n\n\n\n\nProfit before tax\n\n\n135.8\n\n\n87.9\n\n\n\n\n\n\n\n\n\n\nBasic EPS \n\n\n37.8p\n\n\n18.4p\n\n\n\n\n\n\n\n\n\n\n \n1. Definitions of these non-GAAP measures can be found in the glossary of terms on page 33, reconciliations of the statutory results to the adjusted measures can be found on pages 9 to 13.\n \n \nGroup highlights \n \n· Improving momentum in the business with organic constant-currency growth* of 2.8% in the second half of the year\n· Continued progress on strategy implementation, with two divestments completed. These reduce complexity and strengthen the balance sheet, with net debt / EBITDA* at 1.2 times (FY 2016: 1.6 times)\n· Increased investment of £7 million in research and development and sales capability funded by improvements in operating efficiency\n· Group headline operating profit margin* at 11.7% (2016: 11.8%) with dilutive impact of divestments largely offset by underlying improvements \n \n· Additional funding of US$36 million to the Group's US pension scheme reduced the Group's pension deficit and reduces future pension contributions\n \n \nCommenting on the results for Morgan Advanced Materia...