Interim report 2004

 

£m

2004
Half Year

2003
Half Year

change

 

 

 

 

Turnover

282.8

264.7

+7%

Operating profit*

21.0

22.0

-5%

Profit before tax*

14.2

17.0

-16%

Profit after tax

4.4

6.4

-31%

Basic earnings per share

3.6p

5.3p

-32%

Earnings per share*

8.9p

10.4p

-14%

Dividend

4.25p

4.05p

+5%

* before exceptional items and goodwill amortisation
     
 
  • Strong demand leading to order growth of 12% (19% before currency impact)
  • Sales up by 7% (14% before currency impact)
  • Growing demand and specific supplier issues resulted in unusually large order book build of £22m
  • Gross margins maintained
  • Adverse currency impact on profit of £4m
  • Dividend increased by 5%
  
   
 

Commenting on the results, Hans Nilsson, Chief Executive, said:

"These results are in line with the guidance we gave in July. First half orders were comfortably ahead of the same period in 2003, reflecting growth in demand and good market response to new product introductions. Sales grew less strongly, due to delays in some shipments as a result of specific supplier issues. Consequently, sales and profits are expected to be disproportionately weighted towards the second half. After a satisfactory performance during the summer months, we maintain our expectations of positive progress for the full year."
 
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