Momentum building through the year: gross margin up 3.9ppt to 21.6%, adjusted EBITA up 9.9% to $106.3m, free cash flow of $108.9m up 18.4% and interim dividend increased 23.0%. Strong H2 anticipated, full year profits and cash flow guidance increased.
Financial highlights
Revenue down 13.6% to $1,138.9m (H1 2013: $1,318.4m), in-line with management expectations.
Gross profit up 5.4% to $245.8m (H1 2013: $233.1m), gross margin 21.6% (H1 2013: 17.7%).
Adjusted EBITA up 9.9% to $106.3m (H1 2013: $96.7m), operating margin 9.3% (H1 2013: 7.3%).
Profit after tax up 9.3% to $55.4m (H1 2013: $50.7m).
Basic Earnings per Share ("EPS") up 8.5% to 17.8c (H1 2013: 16.4c) with adjusted basic EPS up 15.4% to 25.5c (H1 2013: 22.1c).
Interim dividend 2.25c per share, a 23.0% increase on H1 2013 (H1 2013: 1.83c).
Free cash flow up 18.4% to $108.9m (H1 2013: $92.0m).
Closing net debt $167.6m (Pro forma net debt of $279.2m immediately following Aurora acquisition).
