Business
2008 Half Year Results
2008 Half Year Results.
About this update from Spirax Group Plc.
[{"type":"text","content":"\n RNS Number : 0717C Spirax-Sarco Engineering PLC 27 August 2008 \n \n\n\n\n\nSpirax-Sarco Engineering plc\n\n\n\nCharlton House\nCheltenham\nGlos. GL53 8ER\n\n\n\n\nNews Release\n\n\n\n\nTelephone: 01242 521361\nFax: 01242 581470\nwww.SpiraxSarcoEngineering.com\n\n\n\n\n\nWednesday 27th August 2008 - [embargoed until 7.00 a.m.]\n2008 Half Year Results\n\n\n\n\n\n\n\n\nSix months to 30th June\n\n\n\n\n\n\n\n2008\n\n\n2007\n\n\nChange\n\n\n\n\nRevenue\n\n\n£238.7m\n\n\n£200.1m\n\n\n+19%\n\n\n\n\nOperating profit \n\n\n£40.1m\n\n\n£31.4m\n\n\n+28%\n\n\n\n\nProfit before taxation \n\n\n£41.9m\n\n\n£33.0m\n\n\n+27%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEarnings per share\n\n\n36.9p\n\n\n28.8p\n\n\n+28%\n\n\n\n\nDividend per share\n\n\n10.0p\n\n\n8.3p\n\n\n+20%\n\n\n\n\n\n\n\n\n\nAdjusted*\n\n\n2008\n\n\n2007\n\n\nChange\n\n\nConstant currency change\n\n\n\n\nRevenue\n\n\n£238.7m\n\n\n£200.1m\n\n\n+19%\n\n\n+12%\n\n\n\n\nOperating profit \n\n\n£40.8m\n\n\n£31.6m\n\n\n+29%\n\n\n+15%\n\n\n\n\nOperating profit margin\n\n\n17.1%\n\n\n15.8%\n\n\n\n\n\n\n\n\n\n\nProfit before taxation \n\n\n£42.7m\n\n\n£33.1m\n\n\n+29%\n\n\n+15%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEarnings per share\n\n\n38.0p\n\n\n29.1p\n\n\n+31%\n\n\n+17%\n\n\n\n\nDividend per share\n\n\n10.0p\n\n\n8.3p\n\n\n+20%\n\n\n+20%\n\n\n\n\n * Excludes the amortisation of acquisition-related intangible assets. Total 2008 is £0.8m (2007: £0.2m) of which £0.2m relates to Associates (2007: £nil)\n\n\nContinued strong sales growth of 19% (12% at constant currency)\n\n\nOperating profit up 29% (15% at constant currency)\n\n\nGood sales and profit growth from all geographic regions\n\n\nOperating profit margin improved to 17.1% (2007: 15.8%)\n\n\nInterim dividend increase of 20%\n\n\nGood cash flow - significant capital investment in 2008 and 2009\n\n\n\nCommenting on the results, the Chief Executive, Mark Vernon, said:\n\n'The strong trading performance during the period has, so far, been maintained into the early weeks of the second half year, although the global macro-environment is deteriorating. We have seen sustained business investment by customers and are benefiting from expanding our selling opportunities and increasing market share. Due to the high cost of energy, our customers are increasingly valuing our energy-saving so...