26 August 2010
Filtrona announces its half year results for the six months ended 30 June 2010.
Filtrona plc (“Filtrona” or the “Company”), the leading international supplier of speciality plastic and fibre products, announces its results for the half year ended 30 June 2010.
|Half Year ended 30 June
|2010||2009||% change||% change at contant exchange rates|
|Adjusted operating profit1||£40.0m||£29.6m||35.1%||30.7%|
|Adjusted profit before tax1||£34.6m||£25.3m||36.8%|
|Adjusted earnings per share1||11.3p||8.1p||39.5%|
|Operating cash flow2||£25.1m||£30.7m||(18.2%)|
|Interim dividend per share||3.0p||2.7p||11.1%|
|Profit before tax||£33.1m||£18.5m||78.9%|
|Basic earnings per share||10.8p||5.0p||116.0%|
1 Before intangible amortisation (2009: before intangible amortisation and major restructuring costs).
2 Adjusted operating profit before depreciation, share option expense and other non-cash items, less working capital movements, less net capital expenditure.
Commenting on the results, Mark Harper, Chief Executive of Filtrona, said:
“Filtrona achieved excellent results in the first half of 2010 following sustained investment in sales & marketing and research & development, allied to the implementation of significant cost reductions. These actions, together with a general improvement in many of our international served markets, enabled Filtrona to return to growth rapidly following the economic downturn.
“Looking ahead to the rest of the year, the Company expects to see a normal seasonal weighting in trading. Overall, the Board believes that Filtrona is well positioned to benefit from the current positive trading momentum and, despite uncertainty with regard to general economic conditions, expects that the Company will grow strongly in the second half of the year.”