"Another six months of strong growth, with increased trading driving up our underlying PBT"
|Continuing operations (Actual Exchange Rate, AER)||Change|
|Gross profit %||-140bps||30.2%||31.6%||31.1%|
|Underlying operating profit*||+8.5%||£11.1m||£10.3m||£21.0m|
|Underlying profit before tax*||+9.7%||£10.9m||£9.9m||£20.5m|
|Profit before tax||+7.7%||£9.1m||£8.5m||£17.3m|
|Underlying diluted earnings per share*||+8.1%||6.78p||6.27p||12.82p|
|Diluted earnings per share||+23.1%||6.56p||5.33p||10.40p|
|Basic earnings per share||+22.2%||6.72p||5.50p||10.72p|
|Return on capital employed (ROCE)*||+150bps||20.1%||18.6%||19.9%|
* Before separately disclosed items (see notes 2, 6 and 9 in the HY report).
^ Change is in interim dividend only.
- Revenue up by 4.8% at Constant Exchange Rate (CER), 9.0% at AER, all organic growth
- Underlying diluted earnings per share up by 8.1% at AER
- Confidence for the future and continued profitable growth in a period of investment, drives an interim dividend increase of 10.0% to 1.10p
- Ongoing investment for growth in our sales teams and operations around the world
- Capital investment of £1.3m increases our manufacturing capacity and capability, with more to follow
- Expanded distribution facilities in Shanghai, with plans in place for Holland and Northern Ireland
- New TR Innovation and Technical Centre to be set up in Gothenburg, Sweden’s electric vehicle development area
- TR Fastenings Espana up and running, with a strong pipeline in place
“HY2018 delivered another six months of strong growth, with ongoing investment across all of our regions. Our strong first half results, together with a robust balance sheet, good access to banking facilities and a proven track record of profitable investment, means the Group is in a great position to keep moving forward. The second half has started well and, with a robust pipeline in place, the Board remain confident of delivering its expectations for the current financial year. As an international business with over 70% of our revenue being generated outside of the UK, and a very well-balanced geographical and sector spread, the Board remains confident we have the flexibility and foresight to continue to grow, while facing any challenges head on as and when they arise.” - Malcolm Diamond MBE, Non-Executive Chairman
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