Summary
Results broadly in line with expectations in a challenging external environment
Currency adversely impacted revenue and operating profit by 4%
Strategic plan on track and delivering benefits
Strong cash generation at £82m (2014: £65m)
Interim dividend increased by 2% to 13.9p
Net debt of £289m post acquisition of Bopp & Reuther
Mark Selway, Chief Executive commented:
"Despite continuing challenging economic and market conditions in a number of our key sectors, we delivered results broadly in line with expectations and continued to execute our strategic plan. At our February presentation the various initiatives to drive growth including improving operational efficiency, enhancing processes and launching new products, were already making a difference. Progress has continued and is gaining momentum. In the remainder of the year organic revenue is expected to have a comparable percentage reduction to the first half result. Second half margins, supported by improved results in Critical together with second half seasonality and new product sales in Hydronic, are expected to be broadly equivalent to the second half of 2014."
