Delivering effectively against strategic objectives despite challenging end markets
Benefits being delivered from focus on operational excellence, customer intimacy and product development
Good performance in B&I offsetting slower start in CTT and Civil Engineering
Strengthened global footprint
Acquisition of Walflor Industries Inc in North America integrating well and performing as expected
Commenced build of second manufacturing line in Changzhou, China
Net debt seasonally high, expected to reduce to normal levels of gearing by November
Post period end, agreed sale of agro-textile business, including the manufacturing site in Lokeren, Belgium for cash consideration of €7.0m (£6.1m)
To reflect the solid first half of the year and the Board's confidence in the Group's future, we are declaring an interim dividend of 1.05 pence per share, an increase of 5.0% on last year, payable on 22 September 2017 to shareholders registered on 25 August 2017.
Martin Flower, Chairman, said:
"The Group had a solid first half. Although we do not envisage a sustained pick-up in our markets, we do anticipate further benefits to be realised from our focus on operational excellence and product development. Overall we remain confident of meeting the Board's expectations for the full year."