P R E L I M I N A R Y R E S U L T S 7 March 2007.
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P R E L I M I N A R Y R E S U L T S 7 March 2007
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Transcript of P R E L I M I N A R Y R E S U L T S 7 March 2007.
P R E L I M I N A R Y R E S U L T S
7 March 2007
£m 2006 2005
Revenue 153.5 152.5
Operating profit before exceptional items 19.3 21.3
Operating margin 12.6% 13.9%
Exceptional items (1.0) 6.3
Net interest (2.0) (1.8)
Profit before tax 16.3 25.8
Earnings per share 7.2p 11.5p
Earnings per share before exceptional items 7.6p 8.7p
Dividend per share 4.45p 4.4p
Financial highlights 2006
Key features
Strong second half volume growth
Subdued UK and US markets
Excellent Cutisin performance
Impact of strong Czech Crown
Higher input costs
Capital expenditure
Sales analysis 2006
Sales change vs 2005
2006
Volume 2.3%
Price / Mix (1.5)%
Operations 0.8%
Foreign Exchange (0.2)%
Total 0.6%
Regional sales by destination 2006
Sales change vs 2005
Strong performance in Continental Europe
Pressure in the UK market
Adverse impact of Czech Crown
£m 2006 Volume Price / Mix Operations Exchange Total
Europe 90.3 2.8% (3.0)% (0.2)% 1.8% 1.6%
Regional sales by destination 2006
Sales change vs 2005
Lower volume in domestic US market
Growth in Latin America
Pricing stable
Impact of weaker US$
£m 2006 Volume Price / Mix Operations Exchange Total
Americas 31.6 1.4% 1.4% 2.8% (2.2)% 0.6%
Regional sales by destination 2006
Sales change vs 2005
Solid performance in Australia / New Zealand
Continued growth in Japan
Strong second half performance in South East Asia
Adverse exchange impact
£m 2006 Volume Price / Mix Operations Exchange Total
Asia/Pacific 31.6 2.1% 0.0% 2.1% (3.8)% (1.7)%
Regional sales by destination 2006
Sales change vs 2005
Full year, £m 2006 Volume Price / Mix Operations Exchange Total
Europe 90.3 2.8% (3.0)% (0.2)% 1.8% 1.6%
Americas 31.6 1.4% 1.4% 2.8% (2.2)% 0.6%
Asia/Pacific 31.6 2.1% 0.0% 2.1% (3.8)% (1.7)%
Total 153.5 2.3% (1.5)% 0.8% (0.2)% 0.6%
Income statement 2006
£m 2006 2005
Revenue 153.5 152.5
Operating profit before exceptional items 19.3 21.3
Operating margin 12.6% 13.9%
Exceptional items (1.0) 6.3
Net interest (2.0) (1.8)
Profit before tax 16.3 25.8
Tax (4.7) (7.1)
Profit for the year 11.6 18.7
Earnings and dividend 2006
2006 2005
Earnings per share Basic 7.2p 11.5p Diluted 7.1p 11.4p Before exceptional items 7.6p 8.7p
Dividend per ordinary share 4.45p 4.4p
Balance sheet
£m 2006 2005
Non-current assets 118.9 119.1
Net current assets 22.3 27.9
Non-current liabilities (68.0) (85.6)
73.2 61.4
Share capital and reserves 70.7 71.4
Retained earnings / (losses) 2.5 (10.0)
73.2 61.4
Net debt (27.0) (17.7)
Gearing 36.9% 28.8%
Cash flow
£m 2006 2005
Net cash inflow from operating activities 22.6 28.5
Net interest paid (2.0) (1.8)
Taxation (5.1) (6.4)
Capital expenditure (18.1) (15.3)
Sale of land 0.0 7.3
Equity dividend paid (7.2) (6.6)
Net cash flow before financing (9.8) 5.7
Issue of share capital 0.7 0.3
Exchange (0.2) 1.8
(Increase) / decrease in net debt (9.3) 7.8
Interest cover 9.5 11.7
