Business
2009 Half Year Results
2009 Half Year Results.
About this update from Spirax Group Plc.
[{"type":"text","content":"\n RNS Number : 7268X Spirax-Sarco Engineering PLC 20 August 2009 \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\nThursday 20th August 2009 \n2009 Half Year Results [embargoed until 7.00 a.m.]\n\nSix months ended 30th June\n\n\n\n\n\n\n\n2009\n\n\n2008\n\n\nChange\n\n\nConstant Currency Change\n\n\n\n\nRevenue\n\n\n £251.6m\n\n\n £238.7m\n\n\n+5%\n\n\n-8%\n\n\n\n\nOperating profit\n\n\n£30.1m\n\n\n £40.1m\n\n\n-25%\n\n\n\n\n\n\n\nAdjusted operating profit*\n\n\n£37.8m\n\n\n£40.8m\n\n\n-7%\n\n\n-26%\n\n\n\n\nAdjusted operating profit margin*\n\n\n15.0%\n\n\n17.1%\n\n\n\n\n\n\n\n\n\n\nProfit before taxation\n\n\n£30.2m\n\n\n£41.9m\n\n\n-28%\n\n\n\n\n\n\n\nAdjusted profit before taxation*\n\n\n£38.2m\n\n\n£42.7m\n\n\n-11%\n\n\n-28%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEarnings per share (Basic)\n\n\n27.2p\n\n\n36.9p\n\n\n-26%\n\n\n\n\n\n\n\nAdjusted Earnings per share (Basic)*\n\n\n34.9p\n\n\n38.0p\n\n\n-8%\n\n\n-27%\n\n\n\n\nInterim dividend per share\n\n\n10.5p\n\n\n10.0p\n\n\n+5%\n\n\n\n\n\n\n\n* Adjusted figures exclude the headcount reduction costs of £7.0m and the amortisation of acquisition-related intangible assets in 2009 of £1.0m (2008: £0.8m) of which £0.2m relates to Associates (2008: £0.2m).\n\n\nRevenue up 5%, geographically widespread\n\n\nAdjusted operating profit margin of 15.0% (12.0% including severance cost & amortisation)\n\n\nInterim dividend increase of 5% - confidence in future prospects\n\n\nStrong balance sheet with £4.1m net cash\n\n\nGood progress with cost reductions in line with expectations\n\n\n\nCommenting on the results Mark Vernon, the Chief Executive, said:\n\nWe are pleased to report a good set of results for the first half of 2009 in the context of the worst economic downturn for decades and trading conditions have remained challenging. Sales in sterling increased in each geographic region and reporting segment, benefiting from favourable currency movements. We have limited forward visibility of our business levels which month-to-month remain somewhat volatile, although the pace of decline against...