Business
Preliminary results
Preliminary results.
About this update from Vesuvius Plc
[{"type":"text","content":"\n RNS Number : 5042O Cookson Group PLC 09 March 2009 \n \n9 March 2009\n\nCOOKSON GROUP PLC\nANNOUNCEMENT OF 2008 FULL YEAR RESULTS\n\nHIGHLIGHTS\n· 2008 results significantly ahead of 2007 despite weak final quarter, and slightly ahead of estimates published on 29 January 2009:\n \n- Revenue of £2,203 million, up 23%*\n- Trading profit of £216.3 million, up 11%*\n- Headline profit before tax of £176.2 million, up 18%\n- Headline earnings per share of 8.9 pence, up 9%**\n- Free cash flow of £73 million, up £26 million\n \n· Successful integration of Foseco into Ceramics division, with greater synergy savings than initially anticipated\n \n· End-market weakness continuing into Q1, as previously predicted\n \n· Management actions continuing as planned to reduce cost base by £40 million and conserve cash; suspending expansion capex, dividends and UK pension ‘top-up’ payments will reduce cash outflow by greater than £85 million compared to 2008\n \n· Rights issue successfully completed (£241 million net proceeds) on 4 March 2009, reducing indebtedness and providing more suitable capital structure for current economic environment\n\n* at constant currency\n** as restated for the effect of the rights issue in March 2009\n\n\n\n\n\n\n \n\n\n \n2008\n\n\n \n2007\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£2,203m\n\n\n£1,620m\n\n\n \n\n\n+36%\n\n\n \n\n\n+23%\n\n\n\n\nTrading profit¹\n\n\n£216.3m\n\n\n£169.6m\n\n\n \n\n\n+28%\n\n\n \n\n\n+11%\n\n\n\n\nReturn on sales¹\n\n\n9.8%\n\n\n10.5%\n\n\n \n\n\n-0.7pts\n\n\n \n\n\n-1.0 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 before tax \n\n\n- h...