Business
2011 Half Year Results
2011 Half Year Results.
About this update from Spirax Group Plc.
[{"type":"text","content":"\n \nRNS Number : 8168M Spirax-Sarco Engineering PLC 23 August 2011 \n \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 \nTuesday 23rd August 2011 \n \n2011 Half Year Results \n \nSix months ended 30th June\n \n\n\n\n\nAdjusted*\n\n\n2011\n\n\n2010\n\n\nChange\n\n\nConstant FX\n\n\n\n\nRevenue\n\n\n£307.7m\n\n\n£277.0m\n\n\n+11%\n\n\n+11%\n\n\n\n\nAdjusted operating profit* \n\n\n£61.2m\n\n\n£53.5m\n\n\n+14%\n\n\n+14%\n\n\n\n\nAdjusted operating profit margin*\n\n\n 19.9%\n\n\n19.3%\n\n\n\n\n\n\n\n\n\n\nAdjusted profit before taxation* \n\n\n£63.0m\n\n\n£54.9m\n\n\n+15%\n\n\n+15%\n\n\n\n\nAdjusted earnings per share*\n\n\n 56.6p\n\n\n49.8p\n\n\n+14%\n\n\n+14%\n\n\n\n\nDividend per share\n\n\n 14.8p\n\n\n13.0p\n\n\n+14%\n\n\n\n\n\n\n\n \n\n\n\n\nStatutory\n\n\n2011\n\n\n2010\n\n\nChange\n\n\n\n\nOperating profit \n\n\n£59.2m\n\n\n£60.1m\n\n\n-2%\n\n\n\n\nProfit before taxation \n\n\n£60.8m\n\n\n£61.3m\n\n\n-1%\n\n\n\n\nEarnings per share\n\n\n 54.1p\n\n\n58.5p\n\n\n-8%\n\n\n\n\n \n*All profit measures exclude the amortisation of acquisition-related intangible assets of £2.2 million (2010: £1.6 million), of which £0.2 million (2010: £0.2 million) relates to Associates. 2010 excludes the profit on revaluation of investment of £8.2m arising from the acquisition of a company previously treated as an Associate and professional costs of £0.2 million in relation to acquisitions.\n \n· Record sales up 11% (10% organic) - growth in all segments\n· Operating profit margin improved to 19.9% \n· Pre-tax profit up 15%\n· Completed equipment relocations for Cheltenham manufacturing site consolidation \n· High first-half capital investment (£20 million)\n· Strong balance sheet\n \nCommenting on the results, Mark Vernon, Group Chief Executive, said:\nWe are pleased to report another set of record results for the first six months of 2011, with good sale...