Highlights1
Headline2 profit before tax of £213 million, up 21% (11% at actual currency) and headline2 proforma earnings per share3 of 15.3p
Elster profits up by two thirds (circa £80 million) in the two full years of ownership
Elster now delivering revenue and order intake growth, up +9% and +6% respectively in the second half of 2014
All three Elster divisions achieved profit growth in 2014 (Gas +13%, Electricity +23% and Water +11%)
Brush (revenue -3% and profit -7%) suffering from a tough OEM generator end market
In November 2014 Bridon sold for £365 million, doubling shareholders' original investment
Return of Capital of £200 million (18.7p per share) to be paid on 16 March 2015 alongside a 13 for 14 share consolidation
IFRS profit after tax4 of £87 million (2013: £102 million)
Net debt at 31 December 2014 of £501 million, equal to 1.8x EBITDA5. Adjusting for the Return of Capital in March 2015, proforma leverage equal to 2.5x EBITDA5
Final proposed dividend of 5.3p per share (2013: 5.0p). Full year dividend increased by 5% to 8.1p per share (2013: 7.75p)
