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2013 Half Year Results

Group highlights (1) :

  • Revenue £773m, (H1 2012: £819m; H2 2012: £729m)
  • Trading profit £71m, (H1 2012: £80m; H2 2012: £51m)
  • Return on sales 9.2% (H1 2012: 9.7%; H2 2012: 7.1%)
  • Headline EPS of 15.9 pence (H1 2012 pro-forma(2) : 16.5 pence)
  • Free cash flow £38.2m (H1 2012: £2.2m)
  • Net debt £273m at 30 June (31 December 2012: £295m)
  • Interim dividend declared of 4.75 pence per share
  • Successful portfolio rationalisation including sale of Precious Metals Processing division for €56.8m
  • Share repurchase programme of up to £30m initiated on 4 June; £19.3m repurchased by 31 July
  • Triennial pension valuation confirms UK Plan fully funded; compulsory contributions ceased

(1) Continuing operations, on an as reported basis, excluding all separately reported items and as restated for IAS19 (revised) (Note 1.8). See Note 20 for non-GAAP
measures definitions.
(2) 2012 pro-forma, after adjustments to the interest charge to reflect retrospectively the allocation of debt on demerger between Vesuvius and Alent.