Results in line with expectations; underlying profit before taxation of £42.5m and underlying earnings per share of 15.5p
Annualised cost savings of £38m achieved
Much improved operating cash flow of £69.2m
AEP was the larger contributor to Group profit
ECS result reflects difficult trading conditions in principal mining markets
Unchanged final dividend of 8.0p, making 12.0p for the year
Restructuring of ECS North America to be announced in early 2016
Nicholas Hobson, Chief Executive Officer, commented:
"In the financial year to 31 August 2015, the Group has faced difficult trading conditions in some of its key markets. We have responded by rigorous control of costs and the close management of cash and working capital, whilst still maintaining our ability to resume growth when market conditions allow.
Trading in the majority of the Group remains in line with management expectations. However, in the light of the recent further deterioration in the US coal industry, the Board envisages that the Group is likely to achieve an outcome for the current financial year which is moderately below its previous expectations.
