Key Points:
Lower revenues and profits in line with previous guidance, reflecting weakness in global steel and foundry markets
Margin improvement in Foundry from self-help measures undertaken by new management
Continued outperformance in our strategic growth areas of India, China and South America
Restructuring initiated in Q2 to address structural changes in end markets; further actions identified to respond to ongoing changes:
o Total annual savings of £20.0m expected towards end of 2017, of which £8.8m delivered in 2015
Cash conversion ratio of 100.3%; £23.3m increase in net debt primarily reflects £23.8m acquisition of Sidermes SpA in H1, further expanding our Technical Services offering, and £11.5m cash spend on first phase of restructuring
Maintained final dividend of 11.125 pence per share to be paid on 20 May 2016
