First half results in line with AGM trading update
Advanced Engineered Products ("AEP"): medical ahead of prior year, industrial broadly flat, oil & gas down
Engineered Conveyor Solutions ("ECS"): continued difficult trading conditions across end markets offset by further cost control measures
Refocusing and restructuring of ECS Americas remains on schedule
Net debt of £155m
Interim dividend rebased to 1.0p per share
Mark Abrahams, Executive Chairman, commented:
"The Group's results for the period were in line with management expectations and guidance given at the AGM. Across the Group, increased management effort has been committed to protecting and enhancing market shares and to positioning the Group for recovery and future growth.
"The difficult market conditions that have characterised the last four reporting periods continue although we have now reached a point where our refocusing, restructuring and cost saving programmes are substantially mitigating the ongoing volume challenges we are experiencing.
"Despite challenging market conditions, overall our expectations remain unchanged."
