Results for the year ended 31 December 2013
Strong results, with adjusted profit before tax up 8% to £98.1m. Group outlook remains encouraging.
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FINANCIAL HIGHLIGHTS |
Year ended 31 December |
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2013 |
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2012 |
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REVENUE |
£775.1m |
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£729.8m |
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+6% |
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OPERATING PROFIT |
£93.3m |
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£94.5m |
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-1% |
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ADJUSTED OPERATING PROFIT |
£107.6m |
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£101.4m |
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+6% |
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ADJUSTED OPERATING MARGIN |
13.9% |
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13.9% |
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- |
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PROFIT BEFORE TAX |
£83.8m |
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£86.7m |
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-3% |
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ADJUSTED PROFIT BEFORE TAX |
£98.1m |
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£91.1m |
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+8% |
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BASIC EARNINGS PER SHARE |
17.22p |
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17.11p |
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+1% |
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ADJUSTED EARNINGS PER SHARE |
19.00p |
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17.75p |
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+7% |
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TOTAL DIVIDENDS (PAID AND PROPOSED) PER SHARE |
5.12p |
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4.65p |
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+10% |
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FREE CASH FLOW |
£63.8m |
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£57.6m |
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+11% |
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NET DEBT |
£59.2m |
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£70.9m |
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£12m |
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CONTINUING OPERATIONS: |
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REVENUE |
£775.1m |
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£712.0m |
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+9% |
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OPERATING PROFIT |
£93.3m |
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£93.7m |
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- |
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PROFIT BEFORE TAX |
£83.8m |
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£83.4m |
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- |
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Group Highlights
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Strong set of results against a challenging economic backdrop |
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Group operating margins maintained at 13.9% |
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Adjusted profit before tax of £98.1m, 8% ahead of the prior year |
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Strong cash flows resulting in a continued prudent level of net debt |
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Good organic revenue growth of 15% in commercial aerospace |
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Atlas and Thermal acquisitions bring new capabilities to the Group |
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Positive contribution from GA in the first full year of ownership |
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Full-year dividend proposed to increase by 10% |
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Group outlook remains encouraging |
Commenting on the results, Mark Rollins, Chief Executive of Senior plc, said:
"2013 saw Senior deliver another strong set of results. Adjusted profit before tax increased by 8% and adjusted earnings per share by 7%, largely driven by organic revenue growth in commercial aerospace and a full year's contribution from GA acquired towards the end of 2012. Continued healthy operating cash flows resulted in net debt of £59.2m at the year-end, leaving the Group well placed to fund future organic and acquisitive growth. The year has started satisfactorily with 2014 underlying performance anticipated to be in line with the Board's expectations."
