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filtrona-full-year-results

24 2월 2011

Filtrona announces its full year results for the year ended 31 December 2010.

Filtrona plc (“Filtrona” or the “Company”), the leading international supplier of speciality plastic and fibre products, today announces its results for the year ended 31 December 2010.

Year ended 31 December
(Continuing operations)

2010

2009

% change

% change at
constant
exchange
rates

Revenue

£489.6m

£444.0m

10.3%

8.3%

Adjusted operating profit¹

£75.0m

£56.2m

33.5%

28.9%

Adjusted profit before tax¹

£64.6m

£46.2m

39.8%

 

Adjusted earnings per share¹

21.0p

14.8p

41.9%

 

Operating cash flow2

£74.9m

£72.5m

3.3%

 

Total dividend per share

9.0p

7.78p

15.7%

 

Operating profit

£72.0m

£42.3m

70.2%

 

Profit before tax

£61.6m

£32.3m

90.7%

 

Basic earnings per share

20.0p

9.1p

119.8%

 

¹ Before intangible amortisation (2009: intangible amortisation, major restructuring costs and exceptional acquisition fees).
2 Adjusted operating profit before depreciation, share option expense and other non-cash items, less working capital movements, less net capital expenditure.

HIGHLIGHTS

  • Adjusted operating profit up 33.5%, adjusted earnings per share up 41.9%.
  • Operating margin1 of 15.3%, up 260 basis points.
  • Cash conversion of 100%.
  • Strong balance sheet with net debt of £90.8m (0.9 x EBITDA).
  • Total dividend increased 15.7% to 9.0p.
  • Protection & Finishing Products: Strong recovery with adjusted operating profit¹ up 81.1% and 560 basis point improvement in margin to 22.3%.
  • Porous Technologies: Continued strength from printer systems and traditional markets, with a 22.1% increase in adjusted operating profit1.
  • Coated & Security Products: Good growth in the Payne authentication system with adjusted operating profit¹ up 20.5%.
  • Filter Products: Continued resilience with further improvement in operating margin1 derived from operational efficiency.

Commenting, Mark Harper, Chief Executive of Filtrona said:

“We are pleased with the Company’s results in 2010 which demonstrate that Filtrona has returned to a positive growth path. We have proved our ability to generate significant positive operating cash flows at all stages of the economic cycle. Margins improved in all divisions and Company margin benefited additionally from the higher growth rates achieved in the higher margin divisions.

“The positive momentum from 2010 has continued into the early part of the current year giving the Board confidence that the Company continues to be well positioned to grow in 2011.”

Enquiries

Mark Harper, Chief Executive
Steve Crummett, Group Finance Director
Tel: 01908 359 100

Financial Dynamics
Richard Mountain
Nina Delangle
Tel: 020 7269 7291

Filtrona Full Year Results 0.74MB

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