Highlights
Sales increased 6% organically, but 1% lower after £247 million currency translation impact
Trading margin improved 60bps to 8.9%
Profit before tax (management basis) up 6%, with £24 million of adverse currency this half offsetting restructuring costs of £25 million in the first half of 2013
Reported profit before tax was £224 million (2013: £127 million)
Earnings per share up 4% to 14.4p
Interim dividend increased 8% to 2.8 pence per share (up 6% on a normally weighted basis)
Return on average invested capital of 16.9% (2013: 16.6% excluding GKN Aerospace Engine Systems)
Free cash flow of £19 million (2013: £77 million), after £54 million repayment of a UK Government refundable advance
Net debt of £813 million (31 December 2013: £732 million), reflecting normal seasonality
