HIGHLIGHTS
Group
Adjusted for acquisitions and disposals and the negative exchange impact from translation, operating profit was 3.5% ahead of the prior period on revenue growth of 1.5%
Performance reflects the loss of contribution of circa £34m in revenue and £3.4m in operating profit from prior year disposals
Reported operating profit ahead of the prior period in both Europe and Asia although lower in Africa as a result of challenging trading conditions and the devaluation of the Naira
African Food and Nutrition joint ventures' revenue has grown from £97m to £161m
Australian food brand five:am acquired in August for initial consideration of £44.8m in cash and performing well
Strong balance sheet with a small net debt position following recent acquisitions
Interim dividend raised to 2.61p representing a 3.2% increase
Africa
Revenue and profitability in Nigeria lower than the prior period as a result of difficult trading conditions, disruption in the North and the devaluation of the Naira
Electricals division and Food and Nutrition joint ventures performing well with good revenue growth in the period
Asia
Continued growth in Indonesia in both Baby Care and non-Baby Care portfolios
Robust performance in Australian Home and Personal Care despite tough trading conditions
Recent Australian acquisitions of Rafferty's Garden and five:am performing well both domestically and in overseas markets
Europe
UK Washing and Bathing division performing well driven by an exciting innovation pipeline
Good performance in the Beauty division with international growth offsetting tougher trading conditions in the UK
