Key developments
The Vision 2020 strategy continues to drive significant growth both organically and through acquisitions with the Global Closures Systems Group (GCS) acquisition completed (29 March 2016) and four further acquisitions made during the year;
Revenues increased by 34% reflecting the contribution from recent acquisitions and a 4% like-for-like growth in packaging sales;
The integration of GCS and the second phase of the realisation of the Promens related synergies are progressing well. The steady state cost synergies associated with these two acquisitions are now projected to be €80m per annum, €15m higher than previously estimated;
Adjusted EPS improved by 14% to 43.3p (2015 restated: 38.0p) with good cash generation and net cash flow from operating activities at £150.9m (2015: £92.7m);
Final dividend of 12.3p recommended giving a total year dividend of 17.1p (restated and 2015 restated: 14.3p) representing a 20% increase over the previous year and in line with our progressive dividend policy.
Commenting on the results, Pim Vervaat, Chief Executive, said:
"This has been another successful year with a strong business performance founded upon good underlying organic growth. The Promens business has been integrated and the integration of GCS is well advanced. Good progress has been made in the implementation of the Vision 2020 strategy with continued consolidation of the European plastic packaging market and enhancement of the Group's global footprint. The optimisation of the enlarged Group's cost base is on track to deliver structural benefits of €80m per annum, an increase of €15m compared with previous estimates. Going forward, the Group continues to explore opportunities for growth in line with the Vision 2020 strategy. The new financial year has started well and in line with management's expectations."
