Revenue, adjusted profit and EPS decline reflect continuation of trends communicated in 20 April 2017 Trading Update.
- A good performance in Component Solutions, offset by ongoing operational challenges in Health & Personal Care Packaging and the pricing impact of raw material pass-through in Filter Products.
o Revenue decrease of 4% on a like-for-like1 basis.
o Adjusted operating profit down 35% (at constant FX) to £43m.
o Basic adjusted EPS lower by 38% (at constant FX) to 11.2p.
Net debt of £207m (31 December 2016: £379m): operating cash conversion3 of >70% (HY 2016: 59%) reflects greater underlying stability in the business.
Balance sheet strengthened post-completion of Porous Technologies divestment: net debt to EBITDA reduced to 1.6x on a continuing basis (31 December 2016: 2.3x).
Half year dividend unchanged at 6.3p per share.