Company news

Filtrona Half Year Results

24 August 2011

Filtrona announces its half year results for the six months ended 30 June 2011.


HY 2011 highlights:

  • Revenue up 10% (constant FX), with strong performances from all divisions.
  • Operating profit1 up 12% (constant FX).
  • Operating margin1 up 30bps (constant FX) to 16.2%, level at actual FX.
  • Adjusted EPS up 18% (constant FX) to 13.0p.
  • Working capital improvement: 14.9% of revenue, down 210bps.
  • Strong operating cash flow of £43.1m, up 72%, with net debt reduced to £81.5m (FY 2010: £90.8m).
  • 10% increase in the interim dividend, to 3.3p per share.

Results at a glance:

  HY 2011 HY 2010 % Growth Actual FX % Growth Constant FX
1 Before intangible amortisation.
2 Continuing operations.
Revenue £268.6m £247.6m +8% +10%
Operating profit - adjusted¹ £43.6m £40.0m +9% +12%
Profit before tax - adjusted¹ £39.5m £34.6m +14% +17%
Net income - adjusted 1,2 £27.5m £23.9m +15% +19%
Earnings per share - adjusted 1,2 13.0p 11.3p +15% +18%
Interim dividend per share 3.3p 3.0p +10% N/A
Operating profit £41.9m £38.5m +9% +12%
Net income 2 £26.3m £22.9m +15% +18%
Basic earnings per share 2 12.5p 10.8p +16% +20%

Commenting on today's results, Colin Day, Chief Executive said:

"The Company delivered strong half year results, reflecting the quality of its market positions and the cash generative business models in all divisions. The results have been further supported by ongoing investment in the business and by new developments, underscoring the commitment to be an innovation-leading supplier to our customers.

Whilst mindful of the current economic uncertainty, given the current platform and momentum in the business, combined with an accelerated drive on balanced growth across all divisions, the Company is well positioned for continued positive development through the second half of 2011 and into the next financial year."


Filtrona plc
Colin Day, Chief Executive
Steve Crummett, Group Finance Director
Tel: 01908 359100

Financial Dynamics
Richard Mountain
Nina Delangle
Tel: 020 7269 7291

Filtrona Half Year Results 0.65MB