Results announcement for the six months ended 31 March 2013
Volume growth of 1% to 1,392 tonnes (2012: 1,377 tonnes)
Group revenue up 1% to £106.4m (2012: £105.6m)
Earnings per share up to 41.7p (2012: 41.6p)
Group gross margins maintained at 67%
Continued investment in key growth programmes
VICTREX PEEK capacity expansion on track
Cash generation remains strong
Interim dividend increased by 15%
Chairman Anita Frew commented:
"We are pleased to report that Group revenue and earnings per share for the first half of our financial year are ahead of the same period for last year, despite the continued economic challenges faced by some of our end markets. The Group's strong gross margin has been maintained and we have continued to invest in resources to drive key growth programmes. Cash generation remains strong, funding the PEEK capacity expansion project, which is on track, and underpinning our progressive dividend policy, which is reflected in a 15% increase in the interim dividend.
Whilst it is too early to predict the outcome for the year as a whole, in the second half to date, the improved sales volume from the second quarter has been sustained, speciality products continue to perform well and Invibio revenue has been in line with last year.
The fundamental growth drivers in our key end markets are strong; our development pipeline of future opportunities is healthy and we continue to drive commercialisation of our key growth programmes. In addition, we are focusing on further opportunities to invest in new product offerings and downstream process capability to accelerate market penetration and meet the needs of our customers. We therefore remain confident in the growth potential for our business."
The Company's second Interim Management Statement, covering the period from 1 April 2013, will be issued on 25 July 2013.
