Strategy on track in this year of transition. The recent DMGT sell-down has allowed us to accelerate the strategy.
First-quarter revenues reflected, as expected, the continuation of the headwinds experienced last year. Second quarter shows some signs of the business turning.
Total revenues up 5%, underlying1 revenues down 2%.
Adjusted profit before tax up 5% to £49.1m.
Results continued to be boosted by a strong dollar compared to last year.
Statutory profit before tax reflects exceptional items of £24.6m and acquired intangible amortisation of £8.8m.
Net debt at March 31 of £83.6m, from net cash position at year-end, following the £193.6m share buyback in January.
Strong 12-month cash conversion of 120% (2016: 107%) continues to strengthen the balance sheet.
Active portfolio management continues. Four businesses sold and one acquisition made in first half together with two more acquisitions in April, including the US$125m purchase of RISI.
New dividend policy: interim dividend increased by 26% to 8.8p.
