Highlights:
Adjusted operating profit up 4% at 47.0m (2011: 45.4m) with the return on sales improving to 9.1% (2011: 7.7%)
Sales lower at 518m (2011: 587m) reflecting the impact of a weaker euro with overall volumes 3% down on last year albeit with an improved sales mix
Adjusted EPS at 18.4p (2011: 18.3p)
Net profit for the period lower at 13.9m (2011: 26.3m) after incurring 18.5m (2011: 4.1m) of restructuring costs, impairment losses and other exceptional items.
Good cash flow performance with net cash generated from operations at 42.5m (2011: 30.9m)
ROCE for the period improved to 19.3% (2011: 18.2%)
Superfos integration and exit from mainland Europe vending cup and automotive businesses successfully completed
New business optimisation programme 'Fitter for the Future' launched
Manuplastics business acquired enhancing the sale and manufacturing base for personal care in the UK
Interim dividend of 4.3p (2011: 4.2p)
Commenting on the results, Jamie Pike, Chairman said:
"This was another creditable performance by the Group in a continually challenging economic environment. The ROCE target set following the Superfos acquisition has been largely achieved but with the prospect of prolonged macro-economic weakness the Group has embarked on the 'Fitter for the Future' optimisation programme to ensure that this level of performance can be sustained. Opportunities to grow the business from a position of financial strength through innovation and acquisitions continue to be explored."
