Business
Preliminary Results
Preliminary Results.
About this update from Vesuvius Plc
[{"type":"text","content":"\n RNS Number : 8996H Cookson Group PLC 02 March 2010 \n \n\n \n2 March 2010 \n \nCOOKSON GROUP PLC\nANNOUNCEMENT OF 2009 FULL YEAR RESULTS\n \nHIGHLIGHTS\n \n· Revenue of £1,961m (24% lower than 2008 on an underlying basis1) showing strongly improving trend with H2 underlying revenue1 13% higher than H1\n \n· Cost reduction programme successfully completed - annualised savings of over £65m. \n \n· Trading profit of £111.7m, of which 85% (£95.2m) was earned in H2\n \n· Return on sales margin recovered to 9.2% in H2 (Ceramics H2 10.1%; Electronics H2 11.3%), versus 1.8% in H1 \n \n· Pre-tax exceptional charges of £96.6m as expected, related primarily to restructuring\n \n· Free cash flow of £73m in H2, significantly exceeding expectations (full year 2009: £157m) \n \n· Net debt reduced by £360m to £371m at year end, through rights issue in March 2009 and strong actions to reduce working capital (reduced by £153m) and conserve cash \n \n· Improvements in steel and electronics end-markets have continued so far into 2010\n \n1 Being revenue at constant currency; as if Foseco had been acquired on 1 January rather than 4 April 2008; adjusted for the impact of differences in commodity metal prices; and eliminating back-to-back customer equipment sales\n \n\n\n\n\n\n\n\n \n2009\n\n\n \n2008\n\n\n\n\n\nReported\n rates\n\n\n\n\n\nConstant rates\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\nRevenue\n\n\n£1,961m\n\n\n£2,203m\n\n\n\n\n\n(11)%\n\n\n\n\n\n(21)%\n\n\n\n\nTrading profit¹ \n\n\n£111.7m\n\n\n£216.3m\n\n\n\n\n\n(48)%\n\n\n\n\n\n(54)%\n\n\n\n\nReturn on sales¹ \n\n\n5.7%\n\n\n9.8%\n\n\n\n\n\n(4.1)pts\n\n\n\n\n\n(4.1)pts\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\nProfit/(loss) before tax \n\n\n- headline¹\n\n\n£75.7m\n\n\n£176.2m\n\n\n\n\n\n£(100.5)m\n\n\n\n\n\n\n\n\n\n\n\n\n\n- basic\n\n\n£(20.9)m\n\n\n£89.6m\n\n\n\n\n\n£(110.5)m\n\n\n\n\n\n\n\n\n\n\nTax rate - headline²\n\n\n35.2%\n\n\n27.5%...