Group Highlights
Sales increased 4% organically; decline of 2% after £403 million adverse currency translation impact
Trading margin improved to 9.2%
Profit before tax (management basis) up 4%, after £38 million of adverse currency more than offsetting the absence of restructuring costs of £25 million charged in 2013
Reported profit before tax was £221 million (2013: £484 million), lower primarily due to the £232 million movement on the mark to market valuation of forward foreign exchange contracts
Earnings per share up 1%, impacted by an increased tax rate to 22% (2013: 20%)
Total dividend increased 6% to 8.4 pence per share
Return on average invested capital of 17.7% (2013: 17.3%)
Free cash flow of £234 million (2013: £346 million), after £54 million repayment of a UK Government refundable advance and increased capital expenditure to fund future growth
Net debt of £624 million, £108 million lower than last year.
