Business
Preliminary Announcement
Preliminary Announcement.
About this update from Spirax Group Plc.
[{"type":"text","content":"\n RNS Number : 5002O Spirax-Sarco Engineering PLC 09 March 2009 \n \n \n\n\n\n\n \nSpirax-Sarco Engineering plc\n\n\n\nCharlton House\nCheltenham\nGlos. GL53 8ER\n\n\n\n\n\n\nNews Release\n\n\n\n\nTelephone: 01242 521361\nFax: 01242 581470\nwww.SpiraxSarcoEngineering.com\n\n\n\n\n\nMonday 9th March 2009 [ embargoed until 7.00 a.m.]\n2008 Preliminary Announcement\n\nHIGHLIGHTS\n\n\n\n\n\n\n\n\n2008\n\n\n2007\n\n\nChange\n\n\n\n\nRevenue\n\n\n£502.3m\n\n\n£417.3m\n\n\n+20%\n\n\n\n\nOperating profit \n\n\n£81.0m\n\n\n£68.3m\n\n\n+19%\n\n\n\n\nProfit before taxation \n\n\n£85.2m\n\n\n£72.2m\n\n\n+18%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEarnings per share\n\n\n78.0p\n\n\n64.7p\n\n\n+21%\n\n\n\n\nDividend per share\n\n\n33.3p\n\n\n29.9p\n\n\n+11%\n\n\n\n\n\n\n\n\n\nAdjusted*\n\n\n2008\n\n\n2007\n\n\nChange\n\n\n\n\nRevenue\n\n\n£502.3m\n\n\n£417.3m\n\n\n+20%\n\n\n\n\nOperating profit \n\n\n£85.7m\n\n\n£68.7m\n\n\n+25%\n\n\n\n\nOperating profit margin\n\n\n17.1%\n\n\n16.5%\n\n\n\n\n\n\n\nProfit before taxation \n\n\n£90.1m\n\n\n£72.8m\n\n\n+24%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEarnings per share\n\n\n83.4p\n\n\n65.5p\n\n\n+27%\n\n\n\n\nDividend per share\n\n\n33.3p\n\n\n29.9p\n\n\n+11%\n\n\n\n\n\n* All profit measures exclude the amortisation of acquisition-related intangible assets of £1.9 million (2007: £0.6 million) of which £0.3 million (2007: £0.2 million) relates to Associates, and the impairment of goodwill and intangible assets of £3.1 million (2007: nil). The tax effects on these items was £0.9 million (2007: nil).\n\n\n\n\n20% sales growth well-spread across all geographies (10% at constant currency)\n\n\n25% increase in operating profit (11% at constant currency)\n\n\nSignificant exchange benefits\n\n\nSeventh consecutive year of margin improvement to 17.1%\n\n\nDividends up 11% for the year\n\n\nCash balance increased to £17m\n\n\n\nMike Townsend, Chairman, commenting on the results said:\nThe Group achieved excellent results for 2008 capitalising on the steady investments we have made over past years. 2008 sales were a record £502.3 million, up 20% from £417.3 million in 2007 and pre-tax profits were £90.1 million, a 24% increase from last year's £72.8 million. It is clear that we are in a very uncertain and...