The highlights of the Group compared to the first half of last year are as follows:
Sales of continuing operations £381.3m Down 3.7%
Operating profit of continuing operations £51.6m Down 10.3%
Profit before tax* £49.6m Down 7.3%
Earnings per share** 8.1p Down 6.9%
Dividend per share 4.90p Up 15.3%
Net debt £91.3m Lower by £14.9m
Commenting on the results, Mr Bob Lawson, the Chairman said:
Management actions taken on costs, gross margin and working capital will have their full impact on the second half, which is normally stronger in terms of sales and profits. It is too early to judge the full impact of recent events on the second half as a whole, but given the volatility of sales that we have experienced over the past two months and the weak economies in our major markets, we anticipate trading to remain difficult over the short term.
Our businesses are well positioned to respond rapidly if the cyclical recovery is brought forward by the stimulus from lower interest rates and other actions to support economic growth.
I remain very confident about the medium and long-term growth prospects of the Group.
