Fenner
 
 
 

Financial Highlights

Half Year ended 28 February 2017

  • Revenue up 11% to £307.4m, assisted by market share gains and exchange rates
  • Underlying operating profit up 60% (27% at constant currencies)
  • Underlying operating margin strongly ahead in both divisions
  • Underlying earnings per share up 117% to 6.3p
  • Dividend per share up 40% to 1.4p
  • Strong cash flow resulted in net debt reducing to £144.7m (£28.7m lower than February 2016 at constant currencies) and net debt/EBITDA of 1.9 times (at constant currencies)
  • Expected outcome for the year above previous expectations at the operating profit level with a further benefit to earnings from a lower tax rate in the current financial year
  2017 2016
Revenue £307.4m £276.8m
Underlying operating profit 1 4 £24.0m £15.0m
Underlying profit before taxation 2 4 £16.5m £8.1m
Profit/(loss) before taxation £13.8m £(23.1)m
Operating cash flow 4 £34.0m £19.1m
Underlying earnings per share 2 3 4 6.3p 2.9p
Dividend per share 1.4p 1.0p

 

Notes:

  1. Underlying operating profit is before amortisation of intangible assets acquired and exceptional items
  2. Underlying profit before taxation and underlying earnings per share are before amortisation of intangible assets acquired, exceptional items and notional interest
  3. Underlying earnings per share is based on the basic weighted average number of shares in issue
  4. Underlying and non-GAAP measures have been presented to provide a more meaningful measure of the underlying performance of the business.


Full Year ended 31 August 2016

  • The Group has continued to make solid progress in challenging markets
  • Improved performance in the second half by both AEP and ECS as management actions have taken effect
  • Oil & gas businesses increased shares in difficult markets; AEP medical businesses achieved an improved result
  • ECS North America refocusing/restructuring delivering to plan; further progress in Australia
  • Operating cash flow of £62.2m, leading to year end net debt of £150.0m (similar to last year, before currency effects)
  • Further significant cost savings of £42m achieved
  • Final dividend of 2.0p, making 3.0p for the year
  • Current year anticipated to be modestly ahead of previous expectations in addition to currency benefit.
  2016 2015
Revenue £572.5m £666.7m
Underlying operating profit 1 5 £37.1m £56.4m
Underlying profit before taxation 2 5 £23.2m £42.5m
Exceptional items £(40.8)m £(34.4)m
Loss before taxation £(30.3)m £(5.3)m
Operating cash flow 4 5 £62.2m £69.2m
Underlying earnings per share 2 3 5 8.4p 15.5p
Dividend per share 3.0p 12.0p

 

Notes:

  1. Underlying operating profit is before amortisation of intangible assets acquired and exceptional items
  2. Underlying profit before taxation and underlying earnings per share are before amortisation of intangible assets acquired, exceptional items and notional interest
  3. Underlying earnings per share is based on the basic weighted average number of shares in issue
  4. Operating cash flow is underlying operating profit adjusted for depreciation and amortisation, capital expenditure (net of disposals) and movements in working capital
  5. Underlying and non-GAAP measures have been presented to provide a more meaningful measure of the underlying performance of the business

 

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Half Year Report 2017

19 April 2017

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Fenner Overview July 2017

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