Highlights
Revenues down 1.1% at constant exchange rates
Business improvements mitigated sharp reduction in oil and gas activities
Headline operating margin maintained at 18.0%
Continued growth in specialist technologies
Exceptional restructuring charge of £19.9m - Brazil exit and further business improvements in AGI
Net debt of £7.0m
Interim dividend of 4.8p, up 4.3%
Commenting, Stephen Harris, Group Chief Executive said:
"The Group's performance was resilient in the first half, with business improvements mitigating the sharp cutback in oil & gas activities.
No upturn is anticipated in the second half in oil & gas and general industrial demand is expected to remain soft. However, the second half will benefit from the early results of restructuring and further progress in aerospace and automotive together with continued growth from the Group's specialist technologies.
The Board is confident that management's continued focus on business improvement will generate good returns throughout the cycle."
