Highlights
- Revenue of £1,732.8 million (2012: £1,051.1 million)
- Profit before tax of £226.1 million (2012: £117.9 million)
- Diluted earnings per share of 12.8p (2012: 8.8p)
Proforma Headline results
- Revenue of £1,732.8 million (2012: £1,791.9 million), down 3%
- Operating profit of £274.9 million (2012: £228.5 million), up 20%
- Elster operating profit up 37%
- Elster operating margin of 17.4% (2012: 12.4%), up 5.0 percentage points
- Diluted earnings per share of 12.8p (2012: 9.4p), up 36%
Results after exceptional items and intangible asset amortisation
- Profit after tax of £121.9 million (2012: loss of £6.9 million)
- Diluted earnings per share of 9.3p (2012: loss of 0.9p)
Net debt of £140.8 million (31 December 2012: £997.7 million). Net debt equal to 0.4 x EBITDA (31 December 2012 2012: 2.6 x). Adjusting for the Return of Capital proforma net debt would have been £736.1 million, 2.3 x EBITDA
Completion of the disposal of five of the businesses acquired with FKI, for gross proceeds of £950 million, which more than tripled their value since 2008 for shareholders in the five years of ownership
Shareholder payments
- Return of Capital of approximately £600 million (47.0p per share) on 28 February 2014, alongside an 11 for 13 share consolidation
- Final proposed dividend of 5.0p per share (2012: 5.0p). Full year dividend increased by 2% to 7.75p per share (2012: 7.6p)
Following the Return of Capital the net shareholder investment in Melrose is £0.5 billion which has successfully grown into the current market capitalisation of £3.5 billion
Christopher Miller, Chairman of Melrose Industries PLC, today said:
"Last year was a tremendous year for Melrose with great successes in the 'improve' and 'sell' parts of our strategy. Almost £1 billion was raised from disposals which trebled shareholders' money and Elster increased its profits by over a third in our first full year of ownership. We are ready and keen to buy again but we remain patient for the right opportunity to arise."
