Growth in NSV of 1.9% on a reported basis (0.5% on a constant currency basis), reflecting end-market headwinds
Pricing remained robust across the Group
Positive mix from growth in our higher margin business helped offset end-market headwinds
Continued progress in our Investing for Growth programme
H1 adjusted earnings per share of 12.1 pence, in line with market expectations
Solid cash generation; net debt/EBITDA at 1.3x
Recommended acquisition by Platform Specialty Products Corporation of Alent plc at a price of 503 pence per share
Commenting on the Group's results, Andrew Heath, Chief Executive said:
"I am pleased to report that trading during the six month period to 30 June 2015 was broadly in line with our expectations. Pricing remained robust, with positive mix from growth in our higher margin business helping to offset end-market headwinds. This helped to deliver stable NSV margin in the period, whilst we made further progress in our Investing for Growth programme. We continue to expect normal seasonal improvement in the second half of the financial year.
"Post the period end, we reached agreement on the terms of the acquisition of Alent plc by Platform Specialty Products Corporation ("Platform"). The significant premium being offered by Platform recognises the progress Alent has made in the last three years, the opportunities in front of us and the overall quality of the business, whilst also presenting a clear opportunity for our shareholders to realise the full value of their investment earlier. Our Board is unanimous in its recommendation of the proposed Transaction."
