Results in line with market expectations
Disposal of analytical services business in May 2015 following strategic review
New reporting structure - Packaging Machinery and Instrumentation & Tobacco Machinery
Sales from continuing operations of £87.0m (2014: £87.4m)
Underlying profit before tax from continuing operations of £3.8m (2014: £5.3m)
Statutory profit before tax from continuing operations of £2.0m (2014: £3.9m)
Loss for the period of £4.1m (2014: £0.3m)
Underlying earnings per share from continuing operations of 15.1p (2014: 22.4p)
Basic loss per share of 20.9p (2014: 1.3p)
Proposed final dividend of 1.5p, taking total for the year to 4.0p (2014: 5.5p)
Instrumentation & Tobacco Machinery division affected by continuing challenging market conditions
Packaging Machinery division continued progress with significantly improved sales and profitability
Commenting on the performance and outlook, Dick Hunter, Chief Executive, said:
"The Group's results are in line with market expectations. The performance of the Packaging Machinery division was pleasing, with strong sales growth and significantly increased profits, but the challenges within the geopolitical environment and general market sector continued to impact the Instrumentation & Tobacco Machinery division.
The Board is mindful of the challenges being faced in 2016, which we anticipate will include a significant rise in the statutory levy payable to the Pension Protection Fund, and we also continue to review strategic growth opportunities. We therefore consider it appropriate to retain more funds within the Group and to reduce the level of the proposed final dividend.
Looking further ahead, both divisions remain well positioned to progress as the trading environment improves, and we continue to view medium-term prospects more positively."