RESULTS FOR THE SIX MONTHS TO 30 JUNE 2008
31 Jul 2008
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Results for the six months to 30 June 2008 (unaudited) | ||||||
| 6 months to 30 June | ||||||
| 2008 | 2007 | |||||
| £m | £m | |||||
| Revenue | ||||||
| - Continuing operations | 315.0 | 246.7 | + 28% | |||
| - Discontinued operations | - | 72.9† | ||||
| Total | 315.0 | 319.6 | ||||
| Underlying profit before tax from continuing operations (i) | 34.5 | 29.6 | + 17% | |||
| Total underlying profit before tax (i) | 34.5 | 34.0 | ||||
| Profit before tax from continuing operations | 29.1 | 21.2 | + 37% | |||
| Profit for the period from continuing operations | 22.3 | 17.3 | +29% | |||
| Net borrowings | 94.4 | 80.9 | ||||
| Shareholders' funds | 459.0 | 426.6 | ||||
| p/share* | p/share* | |||||
| Underlying earnings from continuing operations (i) | 15.9 | 13.0 | + 22% | |||
| Total underlying earnings (i) | 15.9 | 14.7 | + 8% | |||
| Basic earnings from continuing operations | 12.6 | 8.9 | + 42% | |||
| Dividend (ii) | 4.0 | 3.62 | + 10% | |||
Explanatory notes:
i) Laird uses underlying results as key performance indicators. Underlying profit before tax and underlying earnings per share are stated before exceptional items, the amortisation of acquired intangible assets, deferred tax on acquired intangible assets and goodwill, the gain or loss on disposal of businesses and the impact arising from the fair valuing of financial instruments. The narrative that follows is based on underlying operating profit, profit before tax and earnings per share, as the directors believe that these provide a more consistent measure of operating performance.
ii) Excludes a special dividend of 50p per share paid in June 2007
† 2007: four months only
* The weighted average number of shares used to calculate earnings and dividends per share was 177.0 million in the first half of 2008 and 195.3 million in the first half of 2007, following the 8 for 9 share consolidation on 11 June 2007.
Highlights
• Strong growth in revenue and profits driven by continuing market growth, increased customer demand for our products, new product introductions and the benefits of acquisitions.
• Revenue from continuing operations up 28% at £315.0 million (up 24% at constant currency). Organic revenue growth at constant currency of 19%.
• Underlying profit before tax from continuing operations up 17% at £34.5 million (up 33% at constant currency). Underlying earnings per share from continuing operations up 22% at 15.9 pence (up 39% at constant currency).
• Total underlying profit higher than in the first half of 2007 despite the sale of the Security Systems division in April 2007.
• Operating cash flow from continuing operations up 44% at £28.1 million, with an operating cash conversion after capital expenditure of 74%.
• Further investment in manufacturing capacity, operational capability, strategic account management and research and development. 140 new patents awarded or applied for during the half year; R&D spend up 41% at £16.6 million, further strengthening our technology position.
Peter Hill, Chief Executive, said:
"Laird has delivered another set of strong results in the first half of 2008, maintaining the momentum established in recent years. While economic uncertainties continue to be widely reported, we believe that our advanced technology capabilities, our strong positions with our customers across a range of markets, our global design and sales footprint, and our well established low cost manufacturing base, position us well to make further progress during the remainder of the year."
For enquiries:
Laird PLC
Peter Hill, Chief Executive
Jonathan Silver, Finance Director
Tel: 020 7468 4040
Maitland
Brian Hudspith
Charlotte Walsh
Tel: 020 7379 5151
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