Highlights
5% sales growth at constant exchange rates, with acquisitions contributing 4 percentage points and like-for-like ('LFL') sales growth of 1%
LFL sales growth of 4% in Materials Analysis, offset by an average LFL decline in sales of 1% across Test and Measurement, In-line Instrumentation and Industrial Controls
Two bolt-on acquisitions completed in H1
Robust operating cash conversion of 85%
Dividend per share increased by 8%
Commenting on the results, John O'Higgins, Chief Executive, said: "Constant currency sales growth of 5% during the first half benefitted from a 4 percentage point contribution from acquisitions. Organic constant currency sales growth of 1% was impacted by weak trading conditions in China and the US. New product launches and recent acquisitions are expected to benefit performance in the second half and, in addition, we have taken cost reduction measures to improve future profitability. Given the challenging near term trading environment and the net effect of these cost reduction measures, full year adjusted operating profit is anticipated to be around the low end of market expectations1, before the impact of foreign exchange translation in the second half. Our broad end market exposures, continuing investments in new products, strong cash flow and robust financial position underpin the Board's view that the company is well positioned to deliver on its growth strategy."
