Key developments:
Vision 2020 strategy continues to generate value through both organic and acquisition-led growth;
Promens integration progressing well with the expected steady state cost synergies increasing to €50m per annum, up from the €30m announced previously;
Revenues grew 36% reflecting a 4% like-for-like growth in packaging and the contribution from recent acquisitions;
Adjusted operating profit increased to £82.8m with the adjusted EPS improving by 13% to 22.9p;
Strong cash generation with net cash flow from operating activities of £74.4m (2014: £42.4m);
Interim dividend of 5.2p up 18% making this the 23rd year of dividend progress.
Commenting on the results, Pim Vervaat, Chief Executive, said:
"The performance in the first half year has been encouraging, certainly when taking into account the polymer time lag and foreign exchange translation headwinds. The second half year has started in line with management expectations, with further trading improvements expected as polymer prices ease and additional Promens-related synergies are realised. The Vision 2020 strategy continues to generate further opportunities for growth."
