Key Points
sharp decline in level of E&P spend followed collapse in oil price; significantly affected Energy trading profits;
£20.0 million impairment of intangibles arising from O&G downturn;
Energy bad debt provision of £7.0 million;
BNE:Europe grew well benefiting from recovering UK economy and Metier acquisition in Norway;
AAP strategy to reposition away from resources sector progressing well; reinforced by acquisition of EIG;
acquisition of Klotz and Iris assisted repositioning in BNE:North America, but oil and gas client exposure still had significant impact;
strong net cash from operating activities £75.1m (2014: £44.0m);
full year dividend increased by 15%.
