Key Points
Revenue and Trading Profit significantly ahead of the same period last year
Global steel production up across all major markets, with a slowing trend in Q2 expected to continue into the second half
Achieved outperformance in EMEA and US as well as in the key structural growth markets of China and India
Restructuring programme delivered £7.7m cost savings in H1 2017 and remains on track to achieve the £40m cumulative cost savings as previously announced
Expansion of restructuring activities expected to increase total annual savings by £15m to £55m by the end of 2020 at an incremental cost of £25m (total cost of £70m)
Strong balance sheet with Net Debt / LTM EBITDA at 1.6x, down from 1.8x at year-end 2016
Reported revenue and trading profit benefited by 13.1% and 15.0% respectively versus H1 2016, due to weaker Sterling
Interim dividend increased by 6.8% to 5.50 pence per share
