19 February 2016
FY 2015: SOLID PROGRESS DESPITE OIL & GAS CHALLENGE REVENUE EXCEEDS £1BN FOR THE FIRST TIME
FY 2016: CONTINUED DELIVERY OF BALANCED, PROFITABLE GROWTH
1 Excludes the impact of acquisitions, disposals and foreign exchange
|Operating profit – adjusted2||172||143||+20%||+20%|
|Pre-tax profit – adjusted2||161||133||+21%||+21%|
|Net income – adjusted2, 3||124||100||+24%||+23%|
|Basic earnings per share – adjusted2||47.6p||41.9p||+14%||+13%|
|Dividend per share||20.7p||18.3p||+13%|
|Basic earnings per share||26.2p||30.0p||-13%||-14%|
Commenting on today's results, Colin Day, Chief Executive, said:
"Essentra made a solid start to our Drive for 2020 strategy notwithstanding the challenging environment in the Oil & Gas industry, with like-for-like revenue growth of 5% and the adjusted operating margin up 70 basis points excluding the impact of Pipe Protection Technologies.
We also made encouraging progress with the integration of the Clondalkin Specialist Packaging Division and, having closed (or being in the process of closing) some nine of the 24 sites acquired, we are on track to deliver our US$24m cost synergy target – being a 50% upward revision from our ingoing expectation. Over and above the acquisition rationalisation, we consolidated a further five facilities across the Group, to better leverage our footprint and generate additional opportunities for efficiency savings.
In an environment where economic growth is by no means well-established or uniform – notably in the Oil & Gas industry - we are nonetheless confident of delivering balanced profitable growth in 2016, due to our international footprint and diverse range of products and end-markets."