Group highlights
Financial performance in line with management expectations - as anticipated, trading conditions stabilised in the first half of the year and have been similar to the second half of last year.
Implementation of the new strategy, announced in February, is on track, with the move to the new global organisation complete.
Group revenue at £475.4 million (H1 2015: £469.2 million) was up 1.3% on a reported basis, down 2.4% on a constant currency basis.
Group underlying operating profit margin for the first half of the year was 11.6% (H1 2015: 13.0%), reflecting volume deleverage on weaker underlying revenue. Sequential improvement in margin from the second half of last year.
Overall order intake in the first half was steady with a book-to-bill ratio of 1.01 times.
Underlying EPS was lower at 10.5 pence (H1 2015: 12.6 pence).
Net debt at the half-year was £241.6 million (Full-year 2015: £216.0 million). Net debt to EBITDA ratio* at the half-year was 1.7x (Full-year 2015: 1.6x), reflecting recent foreign exchange movements.
Interim dividend of 4.0 pence per share maintained (2015: Interim 4.0 pence per share).
