Good organic sales growth of 4% - gains in all segments
Emerging markets increase to 40% of Group revenues
EMEA profit up 41%
Operating margin ahead 200 bps to 20.6%
EPS +20%
Interim dividend +13%
Continued good cash flow - net cash of £57m, special dividend paid July
Commenting on the results, Mark Vernon, Group Chief Executive, said:
Against a challenging market backdrop, we are pleased to report good organic sales growth of 4% and significantly higher adjusted operating profit, up 14% at constant currency, resulting in a strong operating margin of 20.6% as compared to last year's 18.6%. Sales were up across each of our segments, although we note continuing difficult market conditions in most of our mature markets. Operating profits were up particularly in our EMEA segment, as we delivered the cost savings from the European restructuring in the second half of 2012 and improved operating efficiencies in our main European factories. Although we anticipate continued sluggish economic conditions in most of our markets and a challenging fourth quarter comparison, the Board expects the Group to make good progress in 2013.
