Headline results
- revenue of £1,022.2 million (2012: £466.2 million)
- operating profit of £165.0 million (2012: £75.8 million)
- Profit before tax of £139.4 million (2012 : £65.9 million)
- Diluted earnings per share from continuing and discontinued operations of 8.6p (2012: 8.2p), up 5%
Results after exceptional items and intangible asset amortisation
- Profit before tax of £92.5 million (2012: £31.2 million)
- Diluted earnings per share of 5.1p (2012: 3.1p)
Net debt of £1,060 million equal to 2.6x EBITDA excluding any disposal proceeds
Interim dividend increased by 6% to 2.75p per share (2012: 2.6p)
Elster acquisition performing very well
- operating profit of £91.2 million up by over one third on last year
- operating margin of 16.0% (2012: 11.1%), achieving the acquisition target two years ahead of plan
- profit conversion to cash of 93%
- All three sectors, Gas, Electricity and Water have improved profitability
New agreement to supply Brush turbogenerators in China to Huadian GE Aero Gas Turbine Equipment Company LTD
Truth and Marelli sold, since the half year ended, for a combined price of £312 million which multiplies the original equity investment in these companies by four times
Christopher Miller, Chairman of Melrose Industries PLC, today said:
"Elster is fast proving to be another great acquisition with profit already up by over a third. We have achieved our original target for improving margin two years quicker than expected and more plans are underway. With the excellent progress achieved at Elster and substantial shareholder value being created from disposals, 2013 is looking like it could be a very successful year."
