Melrose PLC today announces its audited results, which are reported under IFRS, for the year ended 31 December 2011.
Highlights
§ Headline results
- Revenue in the full year £1,153.9 million (2010: £1,035.4 million), an increase of 11% on 2010
- Revenue in the second half £603.1 million (2010: £531.1 million), an increase of 14% on 2010
- Order intake of £1,212.6 million (2010: £991.2 million), an increase of 22%
- Operating profit margin of 15.7% (2010: 14.2%)
- Profit before tax of £161.2 million (2010: £121.7 million), an increase of 32%
- Diluted earnings per share (including discontinued businesses) of 28.8p (2010: 24.1p), up 20%
§ Results after exceptional items and intangible asset amortisation
- Profit after tax of £114.8 million (2010: £103.7 million), an increase of 11%
- Diluted earnings per share of 23.7p (2010:19.8p), up 20%
§ Net debt of £289.6 million (2010: £287.4 million). Net debt equal to 1.4x EBITDA
§ New five-year £600 million committed bank refinancing completed in January 2012
§ Final dividend increased by 20% to 8.4p per share (2010: 7.0p)
§ Full year dividend increased by 18% to 13.0p per share (2010: 11.0p)
§ Completion of the disposal of Dynacast on 19 July 2011 for an enterprise value of £377 million with the equity value increased fourfold
§ Since flotation in 2003 approximately £1.5 billion shareholder value created at current market price
Christopher Miller, Chairman of Melrose PLC, today said:
"This is another set of excellent results. We continue to be confident that there is more improvement to come driven by the positive momentum of our order books and strong end markets. We also continue to look for our next acquisition and current market circumstances mean that we are, if anything, more certain that a suitable acquisition opportunity will arise."
