Interim Results
Halma PLC
05 December 2006
HALMA p.l.c.
INTERIM RESULTS FOR THE HALF YEAR TO 30 SEPTEMBER 2006
5 DECEMBER 2006
Halma, the leading safety, health and sensor technology group, today announces its interim results for the 26
weeks to 30 September 2006.
Highlights include:
• Organic revenue growth* of 11% and organic profit growth* of 8%
• Pre-tax profit** from continuing operations up by 17% to £30.6m (2005/06: £26.2m)
• Revenue from continuing operations increased by 19% to £167.5m (2005/06: £140.4m)
• Increased revenues and profits in all three sectors reflect the payback from Halma's increased
investment in product innovation, sales and people development
• High margins maintained and significant shareholder value generated as Halma delivers strong returns
from its continuing businesses with ROCE* of 59.0% (2005/06: 50.6%) and ROTIC* of 13.3% (2005/06: 12.5%)
• Good cash generation underpins Halma's progressive dividend policy with a recommended increase of 5%
* Organic growth rates, return on capital employed (ROCE) and return on total invested
capital (ROTIC) are non-GAAP performance measures used by management in measuring the
returns achieved from the Group's asset base. See note 9 for details.
** Adjusted to remove the amortisation of acquired intangible assets of £1,452,000 (2005/06:
£215,000).
Commenting on the results, Andrew Williams, Chief Executive of Halma, said:
'This half year Halma built on the organic growth momentum re-established last year. We are more active in
our search for suitable acquisition opportunities in, or adjacent to, our existing markets. We continue to
invest for the long term and remain positive about our prospects for the full year.'
For further information, please contact:
Halma p.l.c. +44 (0)1494 721111
Andrew Williams, Group Chief Executive
Kevin Thompson, Group Finance Director
Hogarth Partnership Limited +44 (0)20 7357 9477
Rachel Hirst/Andrew Jaques
NOTES:
A copy of this announcement, together with other information about Halma, may be viewed on its website:
www.halma.com
A copy of the Interim Report will be sent to shareholders on 5 December 2006 and will be available to the
general public on written request to the Company's registered office at: Misbourne Court, Rectory Way, Amersham,
Bucks HP7 0DE.
PHOTOGRAPHS
High resolution photos of Halma senior management, including Chief Executive Andrew Williams, and images
illustrating Halma business activities can be downloaded from its website: www.halma.com. Click on the 'News'
link, then 'Image Library'. Photo queries: David Waller +44 (0)20 8205 0038, e-mail: dwaller@halmapr.com
NOTE TO EDITORS
Halma develops and markets products used worldwide to protect life and improve the quality of life. The Group
comprises three business sectors:
• Infrastructure Sensors We make products which detect hazards to protect people and property in public
and commercial buildings.
• Health and Analysis We make components and products used to improve personal and public health.
We also develop technologies and products which are used for analysis in
safety, environmental and leisure related markets including Water.
• Industrial Safety We make products which protect property and people at work.
The key characteristics of Halma's businesses are that they are based on advanced technology and offer strong
growth potential. Many Group businesses are a clear market leader in their specialist field and, in a number of
cases, are the dominant world supplier.
HALMA p.l.c.
Interim Results for the 26 weeks to 30 September 2006
Financial highlights
Unaudited Unaudited
26 weeks to 26 weeks to
30 September 1 October
Change 2006 2005
Continuing operations
Revenue + 19% £167.5 million £140.4 million
Adjusted profit before taxation(1) + 17% £ 30.6 million £ 26.2 million
Statutory profit before taxation + 12% £ 29.2 million £ 26.0 million
Adjusted earnings per share(2) + 18% 5.73p 4.87p
Statutory earnings per share + 13% 5.46p 4.83p
Proposed dividend per share + 5% 2.85p 2.71p
Return on sales(3) 18.3% 18.7%
Return on total invested capital(4) 13.3% 12.5%
Return on capital employed(4) 59.0% 50.6%
The results for the 26 weeks to 1 October 2005 have been re-presented, as businesses subsequently sold are now shown
within discontinued operations. See note 7.
Pro-forma information:
(1) Adjusted to remove the amortisation of acquired intangible assets of £1,452,000 (2005/06: £215,000).
(2) Adjusted to remove the amortisation of acquired intangible assets. See note 4 for details.
(3) Return on sales is defined as adjusted(1) profit before taxation from continuing operations expressed as a
percentage of revenue from continuing operations.
(4) Organic growth rates, return on capital employed (ROCE) and return on total invested capital (ROTIC) are
non-GAAP performance measures used by management in measuring the returns achieved from the Group's asset base.
See note 9 for details.
Financial overview
For the first half, revenue from continuing operations increased 19% to £167.5 million (2005/06: £140.4
million) and adjusted* profit before tax from continuing operations increased 17% to £30.6 million (2005/
06: £26.2 million). Statutory profit before tax increased by 12% to £29.2 million. Organic revenue growth
was 11% and organic profit growth was 8% reflecting continuing investment in product, market and people
development.
Return on total invested capital** increased to 13.3% (2005/06: 12.5%).
We also made two small acquisitions in the Health and Analysis sector - Mikropack and Baldwin
Environmental. Since the half year end we have acquired Tritech to strengthen our Industrial Safety
presence in the growing energy markets.
The Board proposes an interim dividend of 2.85 pence per share, an increase of 5% which will be paid on 7
February 2007 to shareholders on the register at 5 January 2007.
* before amortisation of acquired intangible assets of £1,452,000 (2005/06: £215,000)
** see Financial highlights
Chairman's statement
Geoff Unwin, Chairman of Halma, said:
'We have seen good progress across the Group and it is pleasing to see the investments we have made in increased
innovation and market development bearing fruit as illustrated by our strong organic growth. In particular, our
investments in management development are showing excellent returns.
'Increased effort is being applied to finding acquisitions which match both our strategic focus and our strict
acquisition criteria. We have significant financial capacity and increased management depth to support this effort.
'The Board remains positive about the Group's prospects for the full year.'
Chief Executive's review
Andrew Williams, Chief Executive of Halma, said:
Record results
'We have achieved record interim revenue and profit reflecting robust and widespread organic growth across all the
Group's business sectors and all geographic territories.
'Organic revenue growth of 11% delivered organic profit growth of 8% reflecting the Group's higher investment in sales,
innovation and people development through initiatives such as establishing Halma hubs in China and the Halma Executive
Development Programme.
Widespread growth
'It is satisfying to report that our Infrastructure Sensors sector is now delivering profit growth as well as revenue
growth. Our strategic decision to increase investment in sales, distribution and product development is bearing fruit.
This increased investment continues, particularly in our Elevator Safety business where we are developing and
implementing a clearer strategy for collaboration across product lines and global regions. Our Automatic Door Sensor
business has performed well, benefiting from the launch of innovative new products and revitalised management.
'Health and Analysis is making progress with a particularly good performance from Photonics where we are maintaining
strong revenue growth and seeking to further develop our business internationally. In Fluid Technology and Water, we
have increased investment in sales and product development resulting in encouraging revenue growth and flat profits.
'Industrial Safety is a sector which has consistently delivered solid organic growth over many years and this period
proved no exception. Their sustained growth is testament to the continuous improvements being made in people, products,
operations and customer service levels. All three businesses (Gas Detection, Safety Interlocks and Bursting Discs)
benefit somewhat from the buoyant energy markets, although a majority of revenue is from other industries.
Acquisition research activity increased
'At a Group level, the positive impact of the M&A activity of the past 18 months on our financial performance is clear.
Acquisition research activity has increased and during the first half we made two small acquisitions in the Health and
Analysis sector. Mikropack and Baldwin Environmental strengthen our technology platforms in Photonics and Fluid
Technology respectively.
'Following the half year end we acquired Tritech, a leader in underwater safety technology, adding to our safety product
offering to the energy and homeland security markets.
Sales, innovation & people development - key growth drivers
'Our drive to grow revenues internationally continues. Halma hubs in Shanghai and Beijing are fully operational with
sales representatives from several Group companies already in place. Our major office, in Shanghai, was officially
opened during the 4th Halma World Sales Conference held in October 2006 which was attended by more than 50 of our senior
sales people.
'Our commitment to develop people is a critical element in our strategy for sustainable growth. The first two Halma
Executive Development Programmes are complete and culminated in each programme spending a week in China and India
respectively. This is proving to be a powerful way of broadening the skills and experiences of our senior people at
both a professional and personal level.
'Innovation is one of our core values. It impacts upon all aspects of our business and is particularly valuable in new
product development. This year's Halma Annual Innovation Award was won by a new product from Radio-Tech which provides
remote monitoring of railtrack temperatures to improve railway safety. The top three entries also included a new door
safety sensor from BEA and a revolutionary colour filter system for lighting from Ocean Optics. All products are
already contributing to our revenue growth providing further evidence of the talented people and wide range of
technologies and applications know-how we have throughout the Group.
Good financial performance
'Cash generation is an important focus for us. With our key performance metrics such as ROTIC* (return on total
invested capital), ROCE* (return on capital employed) and ROS* (return on sales) remaining strong, the first six months'
cash generation was also good and in line with expectations.
'During the first half, there was a moderate currency headwind. This is likely to have a greater adverse effect in the
second half. As expected, the costs of share-based payments increased as the new Performance Share Plans are rolled out
and accounted for under IFRS. However, the expected impact of these factors is considered in our comments on the
prospects for the year.
Summary
'This half year Halma built on the organic growth momentum re-established last year. We are more active in our search
for suitable acquisition opportunities in, or adjacent to, our existing markets. We continue to invest for the long
term and remain positive about our prospects for the full year.'
* see Financial Highlights
Interim results for the 26 weeks to 30 September 2006
Consolidated income statement £000
Unaudited Unaudited
26 weeks 30 September 2006 26 weeks to 1 October 2005
Notes Before Amortisation Total Before Amortisation Total Audited
acquired acquired 52 weeks
intangibles of acquired intangibles of acquired to
amortisation amortisation intangibles 1 April
and goodwill intangibles and goodwill 2006
written off and goodwill and goodwill written Total
written written off
off off
Continuing operations
Revenue 1 167,522 - 167,522 140,370 - 140,370 310,768
Operating profit 31,469 (1,452) 30,017 26,786 (215) 26,571 58,460
Net finance expense (842) - (842) (593) - (593) (1,820)
Profit before 30,627 (1,452) 29,175 26,193 (215) 25,978 56,640
taxation
Taxation 3 (9,397) 450 (8,947) (8,237) 76 (8,161) (17,034)
Profit for the period 21,230 (1,002) 20,228 17,956 (139) 17,817 39,606
from continuing operations
Discontinued operations
Net (loss)/profit for the - - - (487) (1,323) (1,810) 1,269
period from discontinued
operations
Profit for the period 1 21,230 (1,002) 20,228 17,469 (1,462) 16,007 40,875
attributable to equity
shareholders
Earnings per ordinary 4
share
From continuing operations
Basic 5.73p 5.46p 4.87p 4.83p 10.73p
Diluted 5.44p 4.83p 10.69p
From continuing and
discontinued operations
Basic 5.46p 4.34p 11.08p
Diluted 5.44p 4.34p 11.03p
Dividends in respect 5
of the period
Proposed and paid (£000) 10,611 10,006 25,216
Proposed and paid per share 2.85p 2.71p 6.83p
The results for the 26 weeks to 1 October 2005 have been re-presented, as businesses subsequently sold are now shown
within discontinued operations. See note 7.
Consolidated balance sheet £000
Unaudited Unaudited Audited
30 September 1 October 1 April
2006 2005 2006
Non-current assets
Goodwill 120,606 104,689 122,038
Other intangible assets 11,554 5,878 12,166
Property, plant and equipment 48,854 50,368 50,054
Deferred tax assets 14,550 13,757 13,803
195,564 174,692 198,061
Current Assets
Inventories 37,385 35,903 36,660
Trade and other receivables 71,185 68,210 77,523
Cash and cash equivalents 28,226 36,232 35,826
136,796 140,345 150,009
Total assets 332,360 315,037 348,070
Current liabilities
Borrowings 30,548 34,339 32,308
Trade and other payables 51,604 48,868 66,035
Tax liabilities 7,762 6,856 7,316
89,914 90,063 105,659
Net current assets 46,882 50,282 44,350
Non-current liabilities
Retirement benefit obligations 48,499 45,858 46,019
Trade and other payables 3,285 1,900 5,096
Deferred tax liabilities 2,720 2,405 3,216
54,504 50,163 54,331
Total liabilities 144,418 140,226 159,990
Net assets 187,942 174,811 188,080
Shareholders' equity
Called up share capital 37,194 36,910 36,933
Share premium account 13,791 10,421 10,702
Treasury shares (874) - (379)
Capital redemption reserve 185 185 185
Translation reserve (1,299) 3,798 5,944
Other reserves 2,289 766 1,592
Retained earnings 136,656 122,731 133,103
Total shareholders' equity 187,942 174,811 188,080
Statement of recognised income and expense £000
Unaudited Unaudited Audited
26 weeks to 26 weeks 52 weeks to
30 September to
1 October 1 April
2006 2005 2006
Exchange differences on translation of foreign operations (7,243) 3,654 5,826
Exchange differences recycled from reserves on disposal of - - (26)
operations
Actuarial losses on defined benefit pension schemes (2,111) (5,760) (10,355)
Tax on items taken directly to equity 744 1,520 1,625
Net loss recognised directly in equity (8,610) (586) (2,930)
Profit for the period 20,228 16,007 40,875
Total recognised income and expense for the period 11,618 15,421 37,945
Reconciliation of movements in shareholders' equity £000
Unaudited Unaudited Audited
26 weeks to 26 weeks 52 weeks to
30 September to 1 April
2006 1 October 2006
2005
Shareholders' equity brought forward 188,080 173,259 173,259
Profit for the period 20,228 16,007 40,875
Dividends paid (15,308) (14,462) (24,468)
Exchange differences on translation of foreign operations (7,243) 3,654 5,826
Exchange differences recycled from reserves on disposal of - - (26)
operations
Actuarial losses on defined benefit pension schemes (2,111) (5,760) (10,355)
Tax on items taken directly to equity 744 1,520 1,625
Net proceeds of shares issued 3,350 340 644
Treasury shares purchased (495) - (379)
Movement in other reserves 697 253 1,079
Total movement in shareholders' equity (138) 1,552 14,821
Shareholders' equity carried forward 187,942 174,811 188,080
Consolidated cash flow statement £000
Unaudited Unaudited Audited
26 weeks to 26 weeks 52 weeks to
30 September to 1 April
2006 1 October 2006
2005
Net cash inflow from operating activities (note 8) 23,398 23,943 53,362
Cash flows from investing activities
Purchase of property, plant and equipment (4,687) (5,813) (11,878)
Purchase of computer software (409) (297) (717)
Proceeds from sale of property, plant and equipment 1,452 387 1,032
Development costs capitalised (1,666) (1,115) (2,500)
Interest received 572 642 1,026
Acquisition of businesses (10,587) (12,363) (36,178)
Disposal of businesses - 396 14,641
Net cash used in investing activities (15,325) (18,163) (34,574)
Financing activities
Dividends paid (15,308) (14,462) (24,468)
Proceeds from issue of share capital 3,350 340 644
Purchase of treasury shares (874) - -
Interest paid (823) (612) (1,455)
Repayment of borrowings - (240) (3,050)
Net cash used in financing activities (13,655) (14,974) (28,329)
Decrease in cash and cash equivalents (note 8) (5,582) (9,194) (9,541)
Cash and cash equivalents brought forward 35,826 45,348 45,348
Exchange adjustments (2,018) 78 19
Cash and cash equivalents carried forward 28,226 36,232 35,826
Notes to the interim report
1 Segmental Analysis £000
Revenue Profit
Sector analysis Unaudited Unaudited Unaudited Unaudited
26 weeks to 26 weeks to 26 weeks to
26 weeks 1 October 30 September 1 October
to 2005 2006 2005
30
September
2006
Infrastructure Sensors 74,762 58,573 13,660 10,370
Health and Analysis 57,833 50,257 11,419 10,308
Industrial Safety 34,941 31,765 6,803 5,761
Inter-segmental sales (14) (225) - -
Central companies - - (413) 347
Continuing operations 167,522 140,370 31,469 26,786
Discontinued operations - 16,434 - 581
Net finance expense - - (842) (593)
Group revenue/profit before amortisation
of acquired intangibles 167,522 156,804 30,627 26,774
Amortisation of acquired intangible assets - - (1,452) (237)
Loss on disposal of operations before tax - - - (2,362)
Taxation - - (8,947) (8,168)
Revenue/profit for the period 167,522 156,804 20,228 16,007
The results for the 26 weeks to 1 October 2005 have been re-presented, as businesses subsequently sold are now shown
within discontinued operations. See note 7.
Geographical analysis £000
By destination By origin
Unaudited Unaudited Unaudited Unaudited
26 weeks to 26 weeks to 26 weeks to
26 weeks 1 October 30 September 1 October
to 2005 2006 2005
30
September
2006
Revenue
United Kingdom 45,024 37,361 93,591 77,184
United States of America 48,755 43,572 53,604 47,576
Mainland Europe 41,689 34,752 25,669 20,572
Asia Pacific and Australasia 17,000 15,460 9,348 7,772
Africa, Near and Middle East 9,892 5,365 - -
Other countries 5,162 3,860 - -
Inter-segmental sales - - (14,690) (12,734)
Revenue from continuing operations 167,522 140,370 167,522 140,370
Discontinued operations - 16,434 - 16,434
Group revenue 167,522 156,804 167,522 156,804
Profit before taxation
United Kingdom 15,116 13,359
United States of America 10,509 9,212
Mainland Europe 4,715 3,148
Asia Pacific and Australasia 1,129 1,067
Profit from continuing operations 31,469 26,786
Discontinued operations - 581
Net finance expense (842) (593)
Group profit before amortisation of acquired 30,627 26,774
intangibles
Amortisation of acquired intangible assets (1,452) (237)
Loss on disposal of operations before tax - (2,362)
Taxation (8,947) (8,168)
Profit for the period 20,228 16,007
The results for the 26 weeks to 1 October 2005 have been re-presented, as businesses subsequently sold are now shown
within discontinued operations. See note 7.
2 Basis of Preparation
The interim report is unaudited and was approved by the Directors on 5 December 2006.
The report has been prepared applying the accounting policies and presentation that were applied in the preparation
of the Group's statutory accounts for the 52 weeks to 1 April 2006.
The figures shown for the 52 weeks to 1 April 2006 are based on the Group's statutory accounts for that period and
do not constitute the Group's statutory accounts for that period as defined in Section 240 of the Companies Act
1985. These statutory accounts, which were prepared under International Financial Reporting Standards, received an
unqualified audit report and have been filed with the Registrar of Companies.
3 Taxation
The total Group tax charge for the 26 weeks to 30 September 2006 of £8,947,000 (2005/06: £8,168,000) comprises a tax
charge on profit from continuing operations of £8,947,000 (2005/06: £8,161,000) and a tax charge of £nil (2005/06:
£7,000) in relation to discontinued operations.
The tax charge for the 26 weeks to 30 September 2006 comprises a current tax charge of £9,194,000 (2005/06:
£8,066,000) and a deferred tax credit of £247,000 (2005/06: £102,000 charge). The tax charge is based on the
estimated effective tax rate for the year.
The tax charge includes £5,159,000 (2005/06: £4,481,000) in respect of overseas tax.
4 Earnings per ordinary share
Earnings per ordinary share are calculated using the weighted average of 370,287,369 (2005/06: 368,917,910) shares
in issue during the period (net of shares purchased by Halma p.l.c. and held as treasury shares). Diluted earnings
per ordinary share are calculated using 372,168,717 (2005/06: 369,212,399) shares which includes dilutive potential
ordinary shares of 1,881,348 (2005/06: 294,489). The Company's dilutive potential ordinary shares are calculated
from those exercisable share options where the exercise price is less than the average price of the Company's
ordinary shares during the period.
Earnings from continuing operations per ordinary share before the amortisation of acquired intangible assets
represents a more consistent measure of underlying performance. A reconciliation of earnings and the effect on per
share figures is presented below:
Per ordinary share
Unaudited Unaudited Unaudited Unaudited
26 weeks to 26 weeks to 26 weeks to
26 weeks 1 October 30 September
to 2005 2006 1 October
30 £000 pence 2005
September pence
2006
£000
Earnings from continuing and discontinued 20,228 16,007 5.46 4.34
operations
Remove loss from discontinued operations - 1,810 - 0.49
Earnings from continuing operations 20,228 17,817 5.46 4.83
Add back amortisation of acquired intangibles 1,002 139 0.27 0.04
after taxation
Adjusted earnings 21,230 17,956 5.73 4.87
5 Ordinary dividends Per ordinary share
Unaudited Unaudited Unaudited Unaudited
26 weeks to 26 weeks to 26 weeks to
26 weeks 1 October 30 September 1 October
to 2005 2006 2005
30 pence £000 £000
September
2006
pence
Amounts recognised as distributions to shareholders in
the period
Final dividend for the year to 1 April 2006 (2 4.12 3.92 15,308 14,462
April 2005)
Dividends declared in respect of the period
Interim dividend for the year to 31 March 2007 (1 2.85 2.71 10,611 10,006
April 2006)
6 Acquisitions
In April 2006 the Group acquired Mikropack GmbH Aufbautechnik in der Sensorik (Mikropack) for an initial cash
consideration of €2,250,000 plus additional consideration of up to €2,250,000 based on earnings for the two-year
period ending 31 March 2007. In September 2006 the Group acquired assets associated with conditioning equipment for
industrial emissions monitoring and process control applications from Baldwin Environmental Inc. for an initial
consideration of $1,100,000. Additional consideration of up to $700,000 may be paid dependent upon net revenue
growth for the period to March 2009.
7 Discontinued operations
The results from discontinued operations relate to operations sold during the 52 weeks to 1 April 2006.
The results for the 26 weeks to 1 October 2005 have been re-presented. The results of operations previously
included within continuing operations that were subsequently sold during the period to 1 April 2006 have been
removed from continuing operations and are now shown within discontinued operations. The effect on the results for
the 26 weeks to 1 October 2005 has been to reclassify sales of £12,066,000, operating profit of £387,000 and tax
charge of £122,000 from continuing operations to discontinued operations.
The effect on revenue by sector is as follows:
£000
Unaudited 26 weeks to 1 October 2005
As previously As
presented Reclassifications re-presented
Revenue
Infrastructure Sensors 58,573 - 58,573
Health and Analysis 51,307 (1,050) 50,257
Industrial Safety 42,864 (11,099) 31,765
Inter-segmental sales (308) 83 (225)
Revenue from continuing operations 152,436 (12,066) 140,370
Discontinued operations 4,368 12,066 16,434
Group revenue 156,804 - 156,804
8 Notes to the consolidated cash flow statement £000
Unaudited Unaudited Audited
26 weeks to 26 weeks to 52 weeks to
30 September 1 October
2006 2005 1 April
2006
Reconciliation of operating profit to net cash
inflow from operating activities
Profit from continuing operations before taxation 30,017 26,571 58,460
Profit from discontinued operations before - 559 1,472
taxation
Depreciation and amortisation of computer software 4,026 4,089 8,373
Amortisation of capitalised development costs 857 741 1,441
Amortisation of acquired intangible assets 1,452 237 1,529
Share-based payment expense in excess of amounts 655 271 742
paid
Additional payments to pension scheme (1,833) (186) (1,357)
(Profit)/loss on sale of property, plant and equipment and (295) 89 174
computer software
Operating cash flows before movement in working 34,879 32,371 70,834
capital
(Increase)/decrease in inventories (1,469) 7 647
Decrease/(increase) in receivables 4,379 2,132 (6,225)
(Decrease)/increase in payables (6,153) (3,950) 4,921
Cash generated from operations 31,636 30,560 70,177
Taxation paid (8,238) (6,617) (16,815)
Net cash inflow from operating activities 23,398 23,943 53,362
Reconciliation of net cash flow to movement in net cash
Decrease in cash and cash equivalents (5,582) (9,194) (9,541)
Repayment of borrowings - 240 3,050
Exchange adjustments (258) (1,157) (1,995)
(5,840) (10,111) (8,486)
Net cash brought forward 3,518 12,004 12,004
Net (debt)/cash carried forward (2,322) 1,893 3,518
9 Non-GAAP measures
Organic growth
Organic growth measures the change in revenue and profit from continuing Group operations. The effect of
acquisitions made during the current or prior financial period has been equalised by subtracting from the current
period results a pro-rated contribution based on their revenue and profit at the date of acquisition.
£000
Return on capital employed Unaudited Unaudited
26 weeks to 26 weeks to
30 September
2006 1 October
2005
Operating profit from continuing operations before amortisation 31,469 26,786
of acquired intangibles
Operating profit from discontinued operations - 581
before amortisation
of acquired intangibles
Operating return 31,469 27,367
Computer software costs within intangible assets 1,343 1,350
Capitalised development costs within intangible 4,592 2,817
assets
Property, plant and equipment 48,854 50,368
Inventories 37,385 35,903
Trade and other receivables 71,185 68,210
Trade and other payables (51,604) (48,868)
Tax liabilities (7,762) (6,856)
Non-current trade and other payables (3,285) (1,900)
Add back retirement benefit accruals included 3,803 1,122
within payables
Add back deferred purchase consideration 2,237 5,968
Capital employed 106,748 108,114
Return on capital employed (annualised) 59.0% 50.6%
Return on total invested capital
Profit from continuing operations before 21,230 17,956
amortisation of acquired intangibles after
taxation
Profit from discontinued operations before - 398
amortisation of
acquired intangibles after taxation
Return 21,230 18,354
Total shareholders' equity 187,942 174,811
Add back retirement benefit accruals included 3,803 1,122
within payables
Add back retirement benefit obligations 48,499 45,858
Less associated deferred tax assets (14,550) (13,757)
Cumulative amortisation of acquired intangible 3,342 598
assets
Goodwill on disposals 5,441 1,308
Goodwill amortised prior to 3 April 2004 13,177 13,177
Goodwill taken to reserves prior to 28 March 1998 70,931 70,931
Total invested capital 318,585 294,048
Return on total invested capital (annualised) 13.3% 12.5%
Cautionary note
This Interim Results Announcement contains certain forward-looking statements which have been made by the Directors in
good faith using information available up until the date they approved the Announcement. Forward-looking statements
should be regarded with caution as by their nature such statements involve risk and uncertainties relating to events and
circumstances that may occur in the future. Actual results may differ from those expressed in such statements,
depending on the outcome of these uncertain future events.
This information is provided by RNS
The company news service from the London Stock Exchange
Friday, 22nd November 2024
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