Final Results
Smith(David S)(Holdings) PLC
28 June 2001
28 June 2001 DAVID S SMITH (HOLDINGS) PLC
2000/01 FULL YEAR RESULTS
SOLID PROGRESS AS SALES AND PROFITS MOVE AHEAD
- Adjusted earnings per share increased by 25% to 16.2p (13.0p)*
- Group turnover up 15% at £1,399.1m (£1,217.7m)
- Group operating margins rose to 6.1% from 5.6% *
- Total dividends increased by 3.5% to 8.8p per share (8.5p)
- Strong balance sheet with interest cover of 6.8 times, gearing of 38%
- Increased profits in all business segments
- Progress through sales development, performance improvements and
rationalisation
* before exceptional items and amortisation of goodwill and other intangibles
Commenting on the full year results and the outlook Chairman Antony Hichens
said:
'We are pleased to report another year of solid progress with profits
increasing in all our business segments. We have benefitted from the measures
taken to develop sales in our key markets, reduce our cost base and improve
our efficiency.
'Trading prospects for this year will be affected by the deteriorating
European economy and the weakness of the euro. Nevertheless all divisions
except St Regis Paper are expected to improve their performance this year.
All operations will benefit from the ongoing programme of market development,
cost reduction and performance improvement. Overall the Group will make
progress this year, albeit at a slower pace than in the past year.'
Enquiries:
David S.Smith (Holdings) PLC 020 7932 5000
Peter Williams, Group Chief Executive
David Buttfield, Finance Director
Paul Froud, Investor Relations
Financial Dynamics 020 7831 3113
Richard Mountain
Chairman's and Chief Executive's Statement
Highlights
We are pleased to report another year of solid progress with increased profits
from all the business segments of the Group and particularly good volume
growth at Spicers Wholesaling and in plastic and corrugated packaging.
Adjusted earnings per share increased by 25% to 16.2p, mainly due to the
upturn in our corrugated and paper businesses in the first half of the year.
Trading conditions were generally weak in the UK but much stronger, although
slowing, on the continent. Much of our progress was due to good sales
development in our key markets, to our performance improvement programmes and
to the ongoing restructuring and rationalisation of our operations. In
addition over the past year we have put in place strong succession for several
retiring senior executives, largely by internal promotion.
Group Trading
Turnover for the year ended 28 April 2001 rose by 15 % to £1,399.1 million
from £1,217.7 million in 1999/00. This increase was attributable to higher
prices and increased demand in the Packaging segment and further growth in
office products wholesaling. Operating profit before exceptional items and
amortisation of goodwill and other intangibles increased by 25% to £84.9
million from £67.8 million. Group operating margins improved to 6.1% from
5.6%.
Profit before taxation excluding exceptional items and amortisation of
intangibles was £72.2 million, up from £57.7 million last year. The
underlying effective tax rate remained at 27%. Adjusted earnings per share were
16.2p compared with 13.0p the previous year.
Exceptional items and amortisation of intangibles amounted to £5.4 million. On
an FRS 3 basis earnings per share were 14.9p compared with 11.7p the year
before.
Net borrowing rose to £193.4 million at the year end from £162.4 million last
year. Gearing increased to 38.0% from 33.6%; interest cover was 6.8 times
before exceptionals, the same as in the previous year.
Expenditure on acquisitions including acquired borrowings amounted to £14.4
million and capital expenditure increased to £75.8 million from £55.3 million
last year. Capital expenditure is expected to continue at a similar level in
the current financial year as several significant expansionary projects are
implemented across the Group.
Operations
The Group's Packaging businesses increased operating profit (before
exceptional items and amortisation of intangibles) and return on capital
employed (ROCE) to £60.2 million and 11% respectively. Growth in the
corrugated packaging market has slowed in mainland Europe to around 1% in the
first calendar quarter of 2001 compared to last year; the UK market declined
by 3% in the same period. The outlook is for a continuation of slow growth
across Europe. This low level of growth is insufficient to absorb the new
papermaking capacity that has been entering the market with the result that
corrugated case materials (CCM) prices have been slipping since January.
Thus far, lower waste paper prices have to some extent offset the fall in CCM
selling prices maintaining profitability at the paper mills at satisfactory
levels. The risk remains that prices may decline beyond the level that can be
compensated for by lower waste paper prices.
The corrugated operations of David S Smith Packaging in the UK had a
challenging year in which they had to operate in a declining market and
respond to the pressures of rising paper prices. Although paper prices have
fallen since January, the previous increases had not been fully recovered in
box prices. Despite these adverse external forces the division was on an
improving trend throughout the year, benefiting from some sales and market
development successes, operational improvements as well as the closure of the
Bracknell plant. The Fordham plant achieved further efficiency gains and is
now operating profitably. The division's positive trend should continue into
the current financial year helped by lower paper prices and the performance
improvement programme.
The corrugated and paper operations of Kaysersberg in continental Europe had a
good year benefiting from increased volumes and cost reduction. The board
mills and corrugated plants in France improved their profitability. Toscana
Ondulati had an excellent year. Its presence in the heavy-duty market was
extended by the start-up of new converting equipment and its new plant,
designed to concentrate on lightweight products, will be operational by March
2002. The Polish operation returned to profitability, whilst the Turkish
business struggled because of the extremely difficult economic environment in
that country. The outlook for the division is for further improvement in the
year ahead.
The paper operations of St Regis had another excellent result, helped by the
buoyancy of CCM pricing early in the year. Towards the end of the year
sharply higher energy costs and the slowdown of CCM markets began to restrain
profitability. The Kemsley mill had another record output for the year while
Taplow had a particularly good performance among our other CCM mills. The
specialist mills continued to struggle although they were on an improving
trend at year-end helped by the closure of UK competitors. Severnside had an
excellent year being able to expand collections with the assistance of funding
from the sale of Packaging Recovery Notes under the UK packaging waste
legislation. Sentiment in the European CCM market is fairly negative as a
result of considerable additional capacity coming on stream this year and
some significant new capacity announced and being considered in Germany. The
outlook for this year is dependent on how well European CCM markets hold up in
the current slowdown and the performance of the euro.
The Plastics and Logistics packaging division grew strongly both as a result
of organic growth and acquisitions. Operating profit increased but lagged
behind sales growth as a result of sales mix and a deterioration in the
profitability of the logistics business where pricing came under severe
competitive pressure. The liquid packaging business performed well and has a
number of significant projects underway that will contribute to future growth.
Despite higher polymer prices the extrusion and other injection moulding
businesses made progress benefiting from higher activity levels and from some
specific customer projects. Overall the outlook for the division is for
further solid sales growth which should lead to an improved result.
The Group's Office Products businesses made good progress increasing operating
profits by 11% to £24.7 million and ROCE to 16%. Spicers Wholesaling grew
sales by 16% overall with the fastest growth in France and Germany.
Approximately one third of Spicers sales are now on the continent. The
strongest growth was in the lower margin electronic office supplies category
but growth also accelerated in traditional products. Spicers Germany was
profitable and will be expanded rapidly over the next few years. Operations
will commence in Spain early in 2002 but are not expected to be profitable
during the first two years. The programme of depot rationalisation,
productivity improvement and IT upgrades continued in the UK, temporarily
restraining profitability; virtually all this programme should be completed
this year. The outlook is for continued solid sales growth.
John Dickinson Stationery made slow but steady progress. Sales volumes were
reduced in both envelopes and stationery products but a better sales mix and
the benefits from the reorganisation and productivity improvement programme
enabled the business to make a small profit for the first time in several
years. Although markets remain difficult further improvement is expected in
the year ahead.
Strategy
The Group's strategy continues to be to create value for shareholders by
developing its core activities through organic growth and acquisitions. The
core activities are recycled papermaking, fibre and plastics based packaging
and the distribution of office products.
There are two developments that have particular strategic significance for the
Group. Spicers Germany is now operating profitably and has good prospects for
rapid sales growth - thus proving the robustness of the Spicers model in
another European market. As a result of the success in Germany we have
committed to a similar greenfield start-up in Spain which will be operational
in the spring of 2002.
The Rapak acquisition in the USA has met our expectations and has propelled
our bag-in-box business onto the global stage, creating many exciting
opportunities for growth.
Other significant events in support of the Group's strategy were:-
* The development and approval of a five-year detailed strategic plan
for Spicers Wholesaling which will form the basis for its future
expansion
* The expansion into Spain of our transit and corrugated plastics business,
the former by a green field start-up, the latter by acquisition
* The entry into strategic alliances with Georgia-Pacific on corrugated
packaging and SP Richards on office products wholesaling
* The completion of the modernisation programme at our Polish corrugated
operations and its return to profitability
* The commitment to a multi-year modernisation programme at our Triwall UK
corrugated operation
* The return to profitability of John Dickinson Stationery
* The commitment to a major upgrading of the Wansbrough paper mill to
improve its product range and cost competitiveness
Dividends
The Board is recommending a final dividend of 6.0p net per ordinary share
which, together with the interim dividend of 2.8p net per ordinary share, will
make a total dividend for the year of 8.8p net per ordinary share. This is an
increase of 3.5% on the total dividend of 8.5p paid last year. Dividend
cover, based on adjusted earnings per share, is 1.8 times.
Name Change
As will be seen in the notice of the Annual General Meeting the Board is also
recommending a change in the name of the Group to D S Smith Plc, a shorter and
simpler version of the present name. This will help draw together the use of
the name across the Group's operations to provide a more cohesive image in
different regions and markets.
People
The Group employs around 10,500 people, 35% of whom reside outside the UK,
mostly in continental Europe. Once again we are grateful to all employees for
their contribution to the Group's performance and their willingness to adapt
to new challenges as the Group continues to grow.
Over the last year there have been a number of changes to the Board and senior
management. Tony Thorne joined the Group in January 2001 as Chief Operating
Officer having previously worked for Shell and more recently as President of
SCA Packaging's Corrugated Business division. He is expected to succeed Peter
Williams as Group Chief Executive later this year with Peter's role changing
to Deputy Chairman.
After 15 years as an Executive Director of the Group and 50 years service with
St Regis Paper, Sandy Stratton has retired as Executive Chairman of the
division. Sandy will remain on the Board as a non-Executive Director until
the AGM in September. The Group is grateful to Sandy for his tremendous
devotion to the company and his undoubted success in establishing St Regis as
a modern, efficient papermaker.
Eric Smith, Executive Chairman of Spicers, will also retire as a Director at
the Group's AGM. Eric, who has been with Spicers for the last 26 years, has
been a Director of the Group since 1993 and we are indebted to him for his
able leadership in the development of Spicers into the foremost European
office products wholesaling operation.
Stuart Russell took early retirement at the end of the financial year and we
thank him for his significant contribution during his 12 years with the Group.
Carolyn Cattermole joined the Group in November 2000 as Company Secretary.
She was previously Company Secretary of Courtaulds Textiles plc.
Due to increased external responsibilities Michael Pragnell stood down as a
non-Executive Director at the AGM in September 2000. He served on the Board
for just under five years and in that time made a particularly valuable
contribution to the Group. Bob Beeston joined the Board as a non-Executive
Director in December 2000. Bob is Chief Executive of FKI plc.
At senior management level Bill Armstrong, who was responsible for Spicers UK
and Ireland, became Chief Executive of Spicers, responsible for all of the
European office products wholesaling operations. Don Coates became Chief
Executive of St Regis Paper having formerly headed the UK conventional
corrugated plants. Bob McLellan was appointed as Chief Executive of the David
S Smith Packaging Division having previously been Managing Director of the
Group's Abbey Corrugated operation.
Outlook
The Group's trading prospects for the year will be affected by the
deteriorating European economy and by the continued weakness of the euro. The
downturn in waste paper and CCM markets is likely to adversely impact St Regis
Paper. Nevertheless all divisions except St Regis Paper are expected to
improve their performance this year. All operations will benefit from the
ongoing programme of market development, cost reduction and performance
improvement as well as from the extensive capital investment programme. On
balance, therefore, the Board believes that the Group will make progress this
year, albeit at a slower pace than in the past year.
Group Profit and Loss Account
For the financial year ended 28 April 2001
2001 2000
Before Exceptional Total Before Exceptional Total
exceptional items and exceptional items and
items and amortisa- items and amortisation
amortisa- tion of amortisation of intangibles
tion of intangibles of intangibles
intangibles (Note 2) (Note 2)
Note £m £m £m £m £m £m
Turnover 1 1,399.1 - 1,399.1 1,217.7 - 1,217.7
Group 1 84.9 (1.1) 83.8 67.8 (0.6) 67.2
operating profit
Share of (0.2) - (0.2) (0.2) - (0.2)
losses of
associated
undertakings
Total 84.7 (1.1) 83.6 67.6 (0.6) 67.0
operating profit
Exceptional - (4.3) (4.3) - (6.9) (6.9)
loss on
termination of
operations
Profit on 84.7 (5.4) 79.3 67.6 (7.5) 60.1
ordinary
activities before
interest
Net interest (12.5) - (12.5) (9.9) (1.6) (11.5)
payable
Profit on 72.2 (5.4) 66.8 57.7 (9.1) 48.6
ordinary activities
before taxation
Tax on (19.5) 1.2 (18.3) (15.6) 5.1 (10.5)
profit on ordinary
activities
Profit on 52.7 (4.2) 48.5 42.1 (4.0) 38.1
ordinary activities
after taxation
Minority (0.8) - (0.8) (0.5) - (0.5)
interests
- equity
Profit 51.9 (4.2) 47.7 41.6 (4.0) 37.6
for the financial
year
Dividends (28.2) - (28.2) (27.2) - (27.2)
paid and
proposed
Retained 23.7 (4.2) 19.5 14.4 (4.0) 10.4
profit for the
financial year
Earnings 3
per share:
Basic 14.9p 11.7p
Diluted 14.9p 11.7p
Adjusted 16.2p 13.0p
Dividends per share 8.5p 8.5p
Notes:
(a) The Group's results shown above are derived from continuing operations.
There were no material acquisitions or discontinued operations in either year.
(b) The difference between the reported and historical cost profits for each
of the financial years reported above is not material.
(c) The Annual Report and Accounts for the financial year ended 28 April
2001 will be posted to shareholders in July 2001.
(d) Subject to approval of shareholders at the Annual General Meeting to be
held on Wednesday 5 September 2001, the final dividend of 6.0p will be paid on
2 October 2001 to ordinary shareholders on the register on 17 August 2001.
(e) The 2000/01 and 1999/00 results in this preliminary statement are not
the Group's statutory accounts for these financial years. The 2000/01 and
1999/00 results have been extracted from statutory accounts which contained
unqualified audit reports with no adverse statement under Section 237 (2) or (3)
of the Companies Act 1985. The 1999/00 statutory accounts have been filed
with the Registrar of Companies.
Group Statement of Total Recognised Gains and Losses
For the financial year ended 28 April 2001
2001 2000
£m £m
Profit for the financial year 47.7 37.6
Exchange differences on foreign currency net 5.6 (5.5)
investments
Total recognised gains and losses relating to the 53.3 32.1
financial year
Group Reconciliation of Movements in Shareholders' Funds
For the financial year ended 28 April 2001
2001 2000
£m £m
Profit for the financial year 47.7 37.6
Dividends (28.2) (27.2)
Retained profit for the financial year 19.5 10.4
Exchange differences on foreign exchange currency net 5.6 (5.5)
investments
New share capital issued - 0.1
Increase in shareholders' funds 25.1 5.0
Opening shareholders' funds 483.3 478.3
Closing shareholders' funds 508.4 483.3
Group Balance Sheet
28 April 29 April
Note 2001 2000
£m £m
Fixed assets 587.6 546.5
Current assets
Stocks 155.2 130.1
Debtors 334.6 296.4
Short term investments 4 19.3 4.4
Cash at bank and in hand 4 10.0 12.4
519.1 443.3
Creditors: amounts falling due within one year
Trade and other creditors (334.0) (289.6)
Borrowings 4 (22.1) (80.7)
Net current assets 163.0 73.0
Total assets less current liabilities 750.6 619.5
Creditors: amounts falling due after more than one
year
Borrowings 4 (200.6) (98.5)
Other (6.8) (1.8)
Provisions for liabilities and charges (29.8) (31.9)
513.4 487.3
Minority interests - equity (5.0) (4.0)
Net assets 508.4 483.3
Capital and reserves
Called up share capital 32.1 32.1
Share premium account 188.0 188.0
Revaluation reserve 9.5 10.7
Profit and loss account 278.8 252.5
Shareholders' funds - equity 508.4 483.3
Group Cash Flow Statement
For the financial year ended 28 April 2001
Note 2001 2000
£m £m
Net cash inflow from operating activities 5(a) 98.6 94.7
Returns on investments and servicing of finance 5(b) (12.2) (10.3)
Taxation (3.0) (13.6)
Capital expenditure and financial investment 5(c) (62.8) (50.2)
Acquisitions and disposals 5(d) (9.1) (18.0)
Equity dividends paid (27.5) (26.2)
Net cash outflow before use of liquid resources (16.0) (23.6)
and financing
Management of liquid resources 5(e) (13.9) 18.8
Net cash inflow/(outflow) from financing 5(f) 29.6 (6.9)
Decrease in cash in the financial year (0.3) (11.7)
Reconciliation of net cash flow to movement in net debt
Note 2001 2000
£m £m
Decrease in cash in the financial year (0.3) (11.7)
(Increase)/decrease in debt and lease financing (29.6) 7.0
Increase/(decrease) in liquid resources 13.9 (18.8)
Increase in net debt resulting from cash flow (16.0) (23.5)
Loans and finance leases acquired with subsidiary (5.3) (0.9)
undertakings
Exchange differences (9.7) 16.3
Increase in net debt in the financial year (31.0) (8.1)
Opening net debt (162.4) (154.3)
Closing net debt 4,6 (193.4) (162.4)
Notes to the Accounts
1 Analysis of Group turnover, operating profit and capital employed
Operating profit before Capital
exceptional items and employed
amortisation of Operating excluding Capital
2001 Turnover intangibles profit intangibles employed
£m £m £m £m £m
Packaging
Corrugated 702.1 51.3 51.1 484.4 489.5
and Paper
Plastics and 161.1 8.9 8.0 82.0 102.6
Logistics
863.2 60.2 59.1 566.4 592.1
Office
Products
Wholesaling 485.0 24.4 24.4 122.7 122.7
Manufacturing 71.4 0.3 0.3 36.4 36.4
Intra-segment (20.5) - - - -
sales
535.9 24.7 24.7 159.1 159.1
Total 1,399.1 84.9 83.8 725.5 751.2
United 898.6 56.6 56.5 497.8 498.7
Kingdom
Rest of World 500.5 28.3 27.3 227.7 252.5
Total 1,399.1 84.9 83.8 725.5 751.2
The operating profits shown above exclude the exceptional items relating to the
termination of operations shown below operating profit on the face of the
consolidated profit and loss account (see note 2).
Operating profit before Capital
exceptional items and employed
amortisation of Operating excluding Capital
2000 Turnover intangibles profit intangibles employed
£m £m £m £m £m
Packaging
Corrugated 620.5 37.4 37.2 459.4 464.3
and Paper
Plastics and 123.1 8.2 7.8 59.4 68.1
Logistics
743.6 45.6 45.0 518.8 532.4
Office
Products
Wholesaling 419.4 23.0 23.0 104.8 104.8
Manufacturing 74.5 (0.8) (0.8) 36.1 36.1
Intra-segment (19.8) - - - -
sales
474.1 22.2 22.2 140.9 140.9
Total 1,217.7 67.8 67.2 659.7 673.3
United 813.7 47.8 47.8 484.0 484.6
Kingdom
Rest of World 404.0 20.0 19.4 175.7 188.7
Total 1,217.7 67.8 67.2 659.7 673.3
Capital employed as shown above excludes items of a financing nature,
corporation tax balances and fixed asset investments.
2 Exceptional items and amortisation of intangibles
2001 2000
£m £m
Charged in arriving at operating profit:
Amortisation of intangibles (1.1) (0.6)
Exceptional loss on termination of operations:
Costs of closure (4.3) (6.9)
Amount written off fixed asset investments - (1.6)
(5.4) (9.1)
Tax on exceptional costs of closure 1.2 2.1
Exceptional tax credit - 3.0
Total (4.2) (4.0)
The exceptional loss on termination of operations in the financial year ended
28 April 2001 relates to the closure of the Group's Bracknell corrugated
packaging plant. The exceptional loss on termination of operations in the
previous year related to the closure of two UK paper mills.
3 Earnings per share
Basic earnings per share are calculated on the profit for the financial year
of £47.7m (2000 - £37.6m) and on 320.2m (2000 - 320.3m) ordinary shares being
the weighted average in issue and fully paid during the year. The adjusted
earnings per share is calculated on the profit for the financial year
excluding exceptional items and amortisation of intangibles and on the same
number of shares.
Diluted earnings per share are calculated on the same earnings numbers as
basic earnings per share but on 321.1m (2000 - 320.8m) shares.
4 Borrowings
2001 2000
£m £m
The Group's net borrowings are:
Bank loans and overdrafts and other loans 219.6 176.5
Finance lease liabilities 3.1 2.7
Short term investments (19.3) (4.4)
Cash at bank and in hand (10.0) (12.4)
193.4 162.4
Gearing (net borrowings expressed as a
Percentage of shareholders' funds) 38.0% 33.6%
5 Group cash flow statement
2001 2000
£m £m
(a) Reconciliation of operating profit to net cash inflow from
operating activities:
Operating profit before exceptional items and amortisation of 84.9 67.8
intangibles
Depreciation 60.4 57.0
Profit on sale of tangible fixed assets (3.2) (3.2)
Increase in working capital (39.7) (19.7)
Decrease in provisions (0.1) (0.2)
Other non cash operating items 0.8 -
Cash flow from operating activities before exceptional items 103.1 101.7
Operating cash flow relating to exceptional items (see below) (4.5) (7.0)
Net cash inflow from operating activities 98.6 94.7
The operating cash flows relating to exceptional items mainly comprise the
cash costs incurred in closing operations during the year.
(b) Returns on investments and servicing of finance:
Interest received 3.9 2.4
Interest paid (15.9) (12.5)
Interest element of finance lease rental payments (0.2) (0.2)
(12.2) (10.3)
(c) Capital expenditure and financial investment:
Purchase of tangible fixed assets (70.7) (52.6)
Sale of tangible fixed assets 10.1 2.8
Purchase of David S. Smith (Holdings) PLC shares (0.1) (0.4)
Purchase of fixed asset investments (2.1) (0.2)
Sale of fixed asset investments - 0.2
(62.8) (50.2)
(d) Acquisitions and disposals:
Purchase of subsidiary undertakings (9.9) (17.1)
Net cash acquired with subsidiaries 1.1 -
Investment in associated undertakings (0.3) (0.9)
(9.1) (18.0)
(e) Net (purchase)/sale of short term investments (13.9) 18.8
Short term investments mainly comprise deposits with banks
(f) Net cash inflow/(outflow) from financing:
Issue of ordinary shares - 0.1
New borrowings 93.9 6.2
Borrowings repaid (64.3) (13.2)
29.6 (6.9)
6 Analysis of changes in net debt
At 29 At 28
April Exchange April
2000 Acquired Cash flow movements 2001
£m £m £m £m £m
Cash at bank and in 12.4 - (3.3) 0.9 10.0
hand
Overdrafts (17.7) - 3.0 (3.4) (18.1)
(5.3) - (0.3) (2.5) (8.1)
Debt due after one (96.2) - (91.8) (10.2) (198.2)
year
Debt due within one (62.6) (5.1) 62.2 2.2 (3.3)
year
Finance leases (2.7) (0.2) - (0.2) (3.1)
(161.5) (5.3) (29.6) (8.2) (204.6)
Short term 4.4 - 13.9 1.0 19.3
investments
Total (162.4) (5.3) (16.0) (9.7) (193.4)
7 Acquisitions
On 11 August 2000, the Group acquired the entire membership interests of
Packaging Systems L.L.C., which trades as Rapak, and is a leading supplier of
bag-in-box liquid packaging based in Chicago, USA. The guaranteed
consideration for the acquisition, net of acquired net debt of £4.8m, was £
12.3m of which £4.3m has been deferred for three years. A further amount of
up to $18m may become payable after three years dependent on Rapak's profits
in this period. The goodwill arising totalled £7.5m.
Group Profit and Loss Account
First Half / Second Half Split
First half Second half
(Unaudited) (Unaudited) Total year
For the financial year ended 28 2001 2000 2001 2000 2001 2000
April 2001
£m £m £m £m £m £m
Turnover 689.2 594.2 709.9 623.5 1,399.1 1,217.7
Operating profit before 45.0 28.3 39.9 39.5 84.9 67.8
exceptional items
Share of losses of associated (0.1) (0.1) (0.1) (0.1) (0.2) (0.2)
undertakings
Exceptional items and
amortisation of intangibles (2.6) (5.6) (2.8) (1.9) (5.4) (7.5)
Profit on ordinary activities 42.3 22.6 37.0 37.5 79.3 60.1
before interest
Interest (note 1) (5.5) (4.5) (7.0) (7.0) (12.5) (11.5)
Profit on ordinary activities 36.8 18.1 30.0 30.5 66.8 48.6
before taxation
Tax on profit on ordinary (11.1) (5.5) (7.2) (5.0) (18.3) (10.5)
activities
Profit on ordinary activities 25.7 12.6 22.8 25.5 48.5 38.1
after taxation
Minority interests - equity (0.4) (0.3) (0.4) (0.2) (0.8) (0.5)
Profit for the period 25.3 12.3 22.4 25.3 47.7 37.6
Earnings per share:
Basic 7.9p 3.8p 7.0p 7.9p 14.9p 11.7p
Adjusted (note 2) 8.5p 5.1p 7.7p 7.9p 16.2p 13.0p
Notes
1. Interest in the second half of 1999/00 includes a £1.6m exceptional
charge relating to an amount written off a fixed asset investment.
2. Adjusted earnings per share exclude exceptional items and
amortisation of intangibles.
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