Preliminary results for the year ended 31 December 2007
13/03/2008
Highlights of 2007
2007 |
2006 (restated)1 |
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| Revenue | 1,451.1 | 1,257.9 | +15.4% | |||||
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| Operating profit | 173.3 | 144.6 | +19.8% | |||||
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| Adjusted profit before tax2 | 181.1 | 145.8 | +24.2% | |||||
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| Profit before tax | 178.1 | 146.0 | +22.0% | |||||
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| Cash flow from operations | 149.1 | 106.8 | +39.6% | |||||
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| Earnings per share | Adjusted3 | 84.7 | 68.1 | +24.4% | ||||
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| Basic | 82.7 | 74.4 | +11.2% | |||||
| Recommended final dividend per share | 12.0 | nil | ||||||
- the 2006 comparatives have been restated to reflect the change in accounting for post employment benefits
- before amortisation and impairment of acquired intangibles and goodwill and (losses)/gains on retranslation of intercompany loan balances
- before amortisation and impairment of acquired intangibles and goodwill, exceptional tax credit of £10.5 million in 2006 and (losses)/gains on retranslation of intercompany loan balances
- Continuation of ten consecutive half years of growth
- Revenue up 15.4 per cent, adjusted profit before tax up 24.2 per cent and adjusted earnings per share up 24.4 per cent
- Return to the dividend list, with a final dividend of 12 pence per share recommended
- ESAB increased revenue by 17.2 per cent whilst also increasing its operating margin to 13.0 per cent (2006: 12.3 per cent)
- Howden achieved revenue growth of 11.8 per cent and grew its operating margin to 12.0 per cent (2006: 11.7 per cent)
- Howden order book at end of February 2008 over £500 million
Michael Foster, Chief Executive, commented:
“As we progress through 2008, we see significant opportunities for both ESAB and Howden arising from their global presence, market leadership positions, their strong technology and flexible cost bases, supported by Charter’s strengthened balance sheet. There are positive long-term dynamics in key end-user segments of both ESAB and Howden, such as power, oil and gas, petrochemicals and shipbuilding.
The current year has started well. Markets remain strong with positive trends in both the mature markets of Europe and North America and the emerging markets worldwide, with particular strength in South America. The Board, therefore, views the outlook for 2008 at this early stage of the year with confidence.”
Contact
Andrew Fenwick; Pamela Small, Brunswick +44 (0) 20 7404 5959
Michael Foster, Chief Executive; Robert Careless, Finance Director +44 (0) 20 7404 5959
Internet users will be able to view this announcement, together with other information
about Charter plc at the company’s web site
www.charterplc.com