FY 2017 summary:
“Stability successfully restored, strategy implementation well underway”
- FY 2017 reflects an improved revenue trend in H2 versus H1, as previously communicated.
- Revenue decrease of 2.0% on a like-for-like basis1
- Continued strong result in Component Solutions.
- Material H2 improvement in growth in Filter Products.
- Continued decline in Health & Personal Care Packaging.
- Adjusted operating profit2, 4 down 26.8% (at constant FX) to £85m.
- Basic adjusted EPS2, 4 lower by 30.1% (at constant FX) to 22.1p.
- Net debt of £211m (31 December 2016: £379m).
- Net debt to EBITDA reduced to 1.7x on a continuing basis (31 December 2016: 2.3x).
- Strong operating cash conversion3, 4 of c. 95%.
- Full year dividend unchanged at 20.7p per share.
- Significant improvement in all aspects of business stability, and strategic implementation underway.
1 Excludes the impact of acquisitions, disposals and foreign exchange
2 Before amortisation of acquired intangible assets and exceptional operating items
3 Operating cash conversion is defined as adjusted operating cash flow divided by adjusted operating profit
4 Continuing operations, excluding Porous Technologies, in light of the divestment on 6 March 2017