"Continued organic and acquisitive growth"
"Focus on operational efficiencies delivers EPS growth of 23.2%"
"Order pipeline across key locations remains encouragingly healthy"
Half year 2015
|Gross profit %||+30bps||29.3%||29.0%||29.0%|
|Underlying operating profit*||+22.2%||£8.6m||£7.1m||£15.3m|
|Operating profit ||+38.9%||£7.5m||£5.4m||£12.8m|
|Underlying pre-tax profit*||+24.8%||£8.3m||£6.6m||£14.3m|
|Underlying diluted earnings per share*|
|Basic earnings per share ||+42.3%||4.41p||3.10p||7.39p|
|Return on capital employed (ROCE)*||+200bps||19.3%||17.3%||18.6%|
* before separately disclosed items, as shown in note 2
* Before separately disclosed items (see note 2).
- · Revenue at constant currency grew 8.7% with acquisitions representing 5.4%
- · Organic constant currency growth of £4.6m from our top 50 multinational OEMs
- · Underlying pre-tax profit* grew 24.8% to £8.3m, with VIC acquisition representing 11.1%
- · Underlying diluted earnings per share* has increased by 23.2%
- · Interim dividend has increased by 33.3%
- · Factory expansion in Taiwan completed, increasing SFE capacity by 15%
- · Additional investment in "lean-lift" technology in UK, halving pick times
- · Post period end events:
̶ Seamless transition of Mark Belton to CEO and Clare Foster to CFO on 1 October 2015
̶ Strategic and earning enhancing acquisition of Kuhlmann on 1 October 2015 to aid further expansion into Germany
"We are pleased to report a solid first half performance which has delivered an underlying pre-tax profit increase of 24.8% to £8.3m and a 23.2% increase in underlying EPS.
Our order pipeline across our key locations remains encouragingly healthy. We continue to focus on cost control and supply chain management, particularly from ongoing investment into efficiency drivers. The positive impact this is having on our margins is expected to continue.
In our quest to add to the momentum of our organic growth, we were very pleased at the start of the second half to establish a strong domestic distribution and logistics facility in Germany through our acquisition of the well-respected Kuhlmann business.
Overall, taking into account the current business climate we are operating within, the Board remains optimistic about the Group's prospects and continues to expect its trading for the financial year as a whole to be in line with its expectations. Organic growth remains only part of our strategy and we will continue to look for our next strategic acquisition to complement the Group's existing global, product and sector footprint."
Click here to view of 2015 Half-Yearly Report