Results
Profit (before tax, amortisation of acquired intangibles and transaction related costs) was £30.2 million (2012: £30.0 million). Basic earnings per share (before amortisation and transaction related costs) were 9.81 pence (2012: 9.80 pence). The contribution of the 2 segments was:
|
Underlying Profit (£m) |
|
H1 2013 |
|
H1 2012 |
|
|
|
|
|
|
|
Energy |
|
21.5 |
|
19.1 |
|
|
|
|
|
|
|
Built and Natural Environment |
|
14.1 |
|
16.1 |
|
|
|
|
|
|
|
Total |
|
35.7 |
|
35.2 |
Group central costs were £3.4 million, a reduction of 13% over the same period last year. Finance charges remained constant at £1.0 million.
Cash Flow, Funding and Dividend
Our conversion of profit into cash continued at an encouraging level and our balance sheet remains strong. After funding acquisition investment of £15.4 million in the period, net bank borrowings at 30 June were £20.7 million (30 June 2012: £20.5 million). Following the period end we funded the initial consideration of £2.6 million related to the acquisition of Asia Pacific ASA Pty Ltd ("APASA").
The Board remains confident about the Group's financial strength and has, for the 20th consecutive year, increased the interim dividend by about 15% to 3.52 pence per share (2012: 3.06 pence) payable on 17 October 2013 to shareholders on the register on 20 September 2013.
