Continued outperformance against our principal end-markets
o Growth in NSV of 4.6% (at constant currency rates)
o H2 momentum with H2 2014 NSV up 5.4% versus H2 2013 (at constant currency rates)
Earnings and margin growth (at constant currency rates)
o Adjusted operating profit up 7.6%
o Adjusted EPS up 11.1%
o NSV margin up 60 basis points to 23%, reflecting margin improvement in both business units
Continued strong cash conversion at 90% of EBITDA and net debt down to 1x EBITDA
Final dividend of 6.0 pence per share; resulting in full year dividend of 9.0 pence; growth of 4.7%
New investment plan announced to accelerate growth strategy; 2015 CAPEX increasing to 1.5 - 1.8x depreciation
Commenting on the Group's results, Andrew Heath, Chief Executive said:
"I am delighted to have joined Alent as Chief Executive. My first impressions of the business have reinforced my view that the Company is well positioned in its chosen markets and has strong prospects for the future.
"2014 has been a year of good progress. We have delivered growth in NSV, adjusted operating profit, NSV margin and EPS on a constant currency basis. Whilst our principal end-markets have all shown modest improvement, supported by signs of better consumer confidence, Alent has continued its track record of outperforming these end-markets. Our strong relationships with OEMs alongside our global technical service presence and fast-cycle R&D has driven ongoing product innovation and enabled Alent to grow its market share.
"This improving momentum has underpinned the Board's decision to implement an increased investment plan in 2015 to help accelerate the future organic growth opportunities in the markets in which Alent operates. We anticipate that our core markets will continue to grow at a similar rate to 2014, on a global basis, during the course of this year and that Alent will continue to outperform."
