Interim Results 2007

30 August 2007

Filtrona plc, the international, market leading, speciality plastic and fibre products supplier, today announces its interim results for the six months ended 30 June 2007.

Filtrona plc, the international, market leading, speciality plastic and fibre products supplier, today announces its interim results for the six months ended 30 June 2007. Following the disposal of Globalpack, the Brazilian consumer packaging business in June 2007, the results from continuing operations are shown below.

• Operating margin up from 11.8% to 13.5%.
• Operating profit before intangible amortisation and restructuring costs, 17.2% ahead at constant exchange rates, and up 9.5% to a reported  £34.7m (2006: £31.7m).
• Profit before tax up 17.5% at constant exchange rates and before restructuring costs of £4.2m. After adverse currency impacts and the restructuring costs, reported profit before tax of £26.7m (2006: £28.2m) down 5.3%.
• Revenue growth of 1.5% at constant exchange rates and reported revenue down 4.5% to £257.2m (2006: £269.3m) due to adverse currency impacts.
• Adjusted earnings per share up 17.7% at constant exchange rates with reported adjusted earnings per share of 9.3p (2006: 8.5p) up 9.4%.
• Interim dividend of 2.52p per share (2006: 2.30p) up 9.6%.
• Net debt of £115.1m (December 2006: £98.8m).

Commenting on today's announcement, Mark Harper, Chief Executive of Filtrona, said:

“These strong results represent another positive step forward for Filtrona and are well above historical levels in underlying organic profit growth terms. They reinforce the value of our strong market positions and our ability to take decisive and rapid action to address the challenges thrown up by the markets in which we operate. With strong underlying growth and an improved operating margin, supplemented by the contribution from recent acquisitions, the Board remains confident of positive future progress.”