FY 2016 summary:
- Revenue, profit and EPS decline, driven by deterioration in Health & Personal Care Packaging and short-term issues in Filter Products.
- Total revenue decline of 9% on a like-for-like1 basis.
- Total adjusted operating profit2 down 29% (at constant FX) to £132m.
- Total adjusted EPS2 lower by 31% (at constant FX) to 36.3p.
- Impairment in the carrying value of Health & Personal Care Packaging of £124m.
- Net debt of £379m (FY 2015: £374m); improved H2 operating cash conversion.
- Full year dividend unchanged at 20.7p per share.
- Disposal of Porous Technologies on track to complete in Q1 2017: pro forma impact reduces net debt to EBITDA3 from 2.2x to 1.4x as at 31 December 2016.
- Turnaround programme already initiated, focusing on re-establishing stability and accountability.
- Comprehensive business review underway: clear corporate strategy to restore growth to be communicated with HY 2017 results at end-July.
1 Excludes the impact of acquisitions, disposals and foreign exchange
2 Before intangible amortisation and exceptional operating items
3 Earnings before interest, tax, depreciation and amortisation