HIGHLIGHTS
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Growing order momentum, H2 input up 12% like for like on 2012;
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Robust aftermarket trends supporting performance, 16% order growth on 2012;
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Record operating margin maintained, 19.2% (2012: 19.1%);
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Value Chain Excellence delivering results - over £40m direct cost savings;
- Dividend per share increased by 11% from 38 to 42p
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Mining and Oil & Gas product offering extended;
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Record cash generation with 19% increase on 2012.
Keith Cochrane, Chief Executive, commented:
"2013 was a challenging year in many of our end markets but our relative outperformance demonstrated the strength of the Group's strategy, the diversity of our portfolio and the resilience of our aftermarket focussed business model. This was supported by a robust performance from Minerals and growing momentum in Oil & Gas as we saw a gradual recovery in upstream markets.
In 2014, we anticipate that the Group will return to underlying growth despite mixed end market conditions. We will continue to capture profitable aftermarket opportunities, cross selling our full product portfolio across all our end markets and delivering further efficiencies from our Value Chain Excellence initiatives. We expect good constant currency revenue and profit growth with Group margins broadly in line with 2013 levels, although our reported results are likely to be impacted by recent adverse foreign currency movements. Strong cash generation is expected to continue assisted by further working capital initiatives."
