Business
Preliminary Results 2010
Preliminary Results 2010.
About this update from Vesuvius Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 0358C Cookson Group PLC 01 March 2011 \n \n\n1 March 2011 \n \nCOOKSON GROUP PLC\nANNOUNCEMENT OF 2010 FULL YEAR RESULTS\n \nHIGHLIGHTS\n· Significant performance improvement in 2010:\n Revenue of £2,546m, up 30%; 23% on an underlying basis1 (2009: £1,961m)\n Trading profit1 of £252.1m, up 126% (2009: £111.7m)\n Return on sales1 of 9.9% (2009: 5.7%) - Ceramics 11.9%; Electronics 9.8% \n Headline profit before tax1 of £222.1m, up 193% (2009: £75.7m)\n \n· End-markets have recovered strongly but generally remain below pre-crisis levels, leaving considerable potential for further improvement\n \n· Effective tax rate2 of 21.1% (2009: 35.2%) reflects a more normal geographic distribution of profitability, and certain non-recurring credits (underlying rate: 24%)\n \n· Headline earnings per share1 of 61.5p, up 242% (2009: 18.0p)\n \n· Net debt reduced by £41m to £330m. Net debt to EBITDA ratio of 1.1 times\n \n· Recommended final dividend of 11.5p per share (last dividend payment declared in August 2008)\n \n· New three year performance targets announced in January 2011 set out the ambition and strategy for further strong progress through to end 2013\n \n· Healthy growth rates anticipated for 2011 in key end-markets of steel, foundry and electronics - Group performance expected to be well ahead of 2010 \n \n \n1 Refer to Note 1 of the attached financial statements for definitions \n2 Tax rate on headline profit before tax (before share of post-tax profit of joint ventures)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nYear-on-year change\n\n\n\n\n\n\n\n \n2010\n\n\n \n2009\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£2,546m\n\n\n£1,961m\n\n\n\n\n\n30%\n\n\n\n\n\n26%\n\n\n\n\nTrading profit¹ \n\n\n£252.1m\n\n\n£111.7m\n\n\n\n\n\n126%\n\n\n\n\n\n112%\n\n\n\n\nReturn on sales¹ \n\n\n9.9%\n\n\n5.7%\n\n\n\n\n\n4.2pts\n\n\n\n\n\n4.0pts\n\n\n\n\n\n\n\n...