FY 2013 highlights:
Revenue up 20% at constant FX (like-for-like +9%): growth in all divisions, led by Filter Products (LFL +17%).
Adjusted operating profit up 23% (constant FX).
Adjusted operating margin expansion of +40bps (constant FX) to 16.3%, +50bps at actual FX.
Adjusted EPS ahead 20% (constant FX) to 38.0p.
Net working capital improvement to 10.7% of revenue, down 40bps (80bps lower excluding current year acquisitions, constant FX). Tax rate reduced by 200bps to 27.4%.
Net debt of £217m (FY 2012: £164m), with strong cash flow generation being offset by M&A transactions during the year and higher dividend payments.
23% increase in the full year dividend to 15.4p per share.
Organisational change and continued investment to underpin future growth opportunities.
