Half yearly results announcement for the six months ended 30 June 2012
Developing markets and outsourcing trends continuing to drive underlying growth despite challenging economic environment
| H1 2012 | Underlying | H1 2011 | |
| Turnover | £3,903m | +5.8% | £3,630m |
| Organic growth | +6.8% | +5.1% | +4.5% |
| PBITA | £236m | £236m | |
| Operating margin | 6.0% | 6.2% | 6.5% |
| Adjusted EPS | 9.8p | 9.8p | |
| Recommended interim dividend per share | 3.42p | 3.42p | |
| Cash conversion | 83% | 60% |
Excluding the Olympic Games contract, sales up 5.8% and improved organic growth of 5.1%. Adjusted EPS maintained at 9.8p
- Organic growth of 10% in developing markets with revenue of £1,191m (31% of group total and targeting 50% by 2019)
- Group margin excluding exceptional items is lower at 6.0% (6.2% excluding the Olympics Games revenue) due to the challenging US government market and UK contract phasing
- On track to achieve annual cash conversion target of 85%
Olympic and Paralympic Games contract loss of £50m provided for as an exceptional item in H1
- Contract review underway and expected to be completed during second half of September
