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Interim accounts for the six months ended 30 June 2007

12/09/2007

			Six months to 30.6.07		Six months to 30.6.06 (restated)(i)
			£m		£m
Revenue			691.5		624.7		+10.7%
Operating profit			85.4		71.0		+20.3%
Profit before tax			92.1		69.6		+32.3%
Profit after tax			75.4		59.9		+25.9%
Profit attributable to equity shareholders			72.2		56.9		+26.9%
Net cash at period end			60.0		36.2
Earnings per share	Basic		43.3 p		34.4 p		+25.9%
	Adjusted (ii)		41.6 p		33.0 p		+26.1%

(i)the 2006 comparatives have been restated to reflect the change in accounting for post employment benefits.
(ii) before amortisation and impairment of acquired intangibles and goodwill, exceptional tax credit of £5.3 million in 2006 and gains or losses on retranslation of intercompany loan balances

David Gawler, Chairman, commented:

“I am pleased to announce excellent results for the six months ended 30 June 2007 with adjusted earnings per share of 41.6 pence, an increase of 26.1 per cent over the comparable period in 2006.

In the period, ESAB, the welding, cutting and automation business, and Howden, the air and gas handling business, achieved strong growth in sales and operating profits compared with the first half of 2006. There were also significant improvements in operating margins in both ESAB and Howden compared with the first half of 2006, reflecting high levels of activity, current strength in their key markets and continuing improvements in operational efficiencies.

ESAB and Howden are well placed to achieve further progress and the Board views Charter’s prospects with confidence.”

View the Full Announcement

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