HY 2013 highlights:
· Revenue up 17% at constant FX (like-for-like +9%), with growth in all principal divisions.
· Adjusted operating profitup 19% (constant FX).
· Adjusted operating margin expansion of +40bps (constant FX) to 17.0%, +50bps at actual FX.
· Adjusted EPS ahead 18% (constant FX) to 19.4p.
· Increase in net working capital to 15.4% of revenue (up 170bps, constant FX), impacted by the acquisition of Contego Healthcare Limited. Tax rate reduced by 200bps to 27.4%.
· Net debt of £212m (FY 2012: £164m), increased predominantly due to recent M&A transactions and higher dividend payments.
· 23% increase in the half year dividend to 4.8p per share.
Commenting on today's results, Colin Day, Chief Executive, said:
"Essentra had a strong first half year, with like-for-like revenue ahead 9% and adjusted EPS up 18% at constant exchange. The growth was underpinned by continued expansion in both existing and new markets, as well as ongoing successful product innovation. The integration of recent acquisitions, including the Company's largest acquisition to date of Contego Healthcare Limited, is proceeding well and is in line with expectations. During the period, the Company also successfully re-branded to Essentra plc, a name specifically chosen to encapsulate what each of the businesses does, is and aspires to be.
Given these interim results, Essentra remains on-track to deliver further balanced, profitable growth in 2013 and to continue to make progress towards its Vision 2015 objectives of at least mid single-digit like-for-like revenue growth and double-digit adjusted EPS growth at constant exchange."
