Modest improvement in key markets, underpinned by early signs of improved global consumer confidence
Growth in NSV (at constant currency rates), reflecting continued outperformance against principal markets
Strong growth in adjusted operating profit and NSV margin
Continued solid cash generation with net debt/EBITDA ratio of 1x
Interim dividend of 3.0 pence per share; equivalent to 35% of 2013 full year dividend
Special dividend of 15.0 pence per share; equivalent to c£42m
Commenting on the Group's results, Steve Corbett, Chief Executive said:
"These results demonstrate our ability to consistently outperform our principal markets. We have seen a modest pickup in the electronics, automotive and industrial markets. The semiconductor market has strengthened, driving demand for copper damascene and wafer start related products whilst demand for assembly materials and printed circuit board fabrication was modest, albeit stronger than in 2013. A combination of top line growth, further progress in improving our mix to higher margin products and an improved copper damascene contribution, have enabled us to grow adjusted operating profit by 8.1% and increase NSV margin by 1.0pts, at constant currency rates.
"Continued solid cash generation has underpinned the Board's decision to return an additional c£42m to shareholders through a special dividend. This is in line with our commitment to maintain a capital structure that is both efficient and balanced between investment for growth and returns to shareholders. We will continue to look for and evaluate acquisitions in line with our strategy.
"Looking ahead, we are confident that our global market leadership, strong OEM relationships, global technical service presence and fast cycle R&D will enable us to deliver long-term growth and sustainable margin improvement."
