Melrose PLC today announces its interim results for the six month period to 30 June 2012. The highlights of these results which are reported under IFRS, are:
Highlights
- Revenue for the period was £564.6 million (2011: £516.6 million), a 9% increase
- Headline profit before tax for the period was £81.9 million (2011: £70.7 million), an increase of 16%. Profit before tax was £46.3 million (2011: £58.9 million) which decreased due to exceptional costs, primarily acquisition and refinancing related
- Headline operating margins increased to 16.1% (2011: 15.8%)
- Headline diluted Earnings per Share ("EPS") of 8.2p (2011 proforma EPS: 7.1p) an increase of 15%. Melrose considers this the most appropriate like for like measure of EPS performance for this period
- Headline diluted EPS was 8.2p (2011: 5.7p), 44% higher
- Interim dividend maintained at 2.6p (2011: 2.6p) and paid on the enlarged share capital following the Rights Issue completed on 1 August 2012 after the period end
- Elster acquisition successfully completed on 23 August 2012
Christopher Miller, Chairman of Melrose PLC, today said:
"These are another set of excellent results emphasising the quality of the Group and the continued success of our strategy to 'buy, improve, sell'. We have now successfully completed our next acquisition, Elster, and look forward to growing further shareholder value from our enlarged group for the benefit of our shareholders.
Economic conditions are difficult to predict at present but we are confident that our group companies place us in a good position to benefit from market opportunities."
