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Interim Results Presentation For the 6 months ended 30 September 2008 12 th December 2008 Nick Paul Chairman Mike Welburn Chief Executive.

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Presentation on theme: "Interim Results Presentation For the 6 months ended 30 September 2008 12 th December 2008 Nick Paul Chairman Mike Welburn Chief Executive."— Presentation transcript:

1 Interim Results Presentation For the 6 months ended 30 September th December 2008 Nick Paul Chairman Mike Welburn Chief Executive

2 Agenda Highlights Results Overview Business Performance Outlook

3 Highlights Record results – Operating profit* up 21.2% to £931k – Adjusted earnings per share* up 11.6% to 1.83p Strong balance sheet – Gearing** down from 39.5% to 20.4% – Net debt reduced to £2.47m – Interest cover up from 6.6x to 8.5x *before intangible asset amortisation and share based charges **long term debt to equity

4 Results Overview-Summary £’000H1 2008H1 2007Change Sales12,1038, % Operating profit* % Profit before tax* % Adjusted earnings per share-basic* 1.83p1.64p+11.6% *before intangible asset amortisation and share based charges

5 Results Overview-Sales £’000H H1 2007Change Sales8,2807, % Acquisitions3,8231,737 As Reported12,1038, %

6 Cash flow summary £’000H1 2008H EBITDA*1, Working capital(432)**32 Net cash from operating activities Capital expenditure(117)(75) Asset sale-2 Interest-net(110)(117) Tax-- Cash flow before corporate activity *before intangible asset amortisation and share based charges ** includes £195k deferred consideration payment for Maxpower

7 Balance Sheet £’000H1 2008H Shareholder funds 4,6383,154 Long term debt9451,247 Gearing*20.4%39.5% Net debt EBITA/ net interest 8.5x6.6x *long term debt to equity

8 Business Performance

9 Business Performance Malvern Tubular Components Record sales in H1- demand higher from all major customers Increasing material prices in H1 now starting to soften-sterling impact expected to be negative in H2 Signs of future demand slowing from current high levels

10 Business Performance Redman Fittings Increasing adoption by water companies OEM customer base extended Further opportunities being developed Long term prospects remain good but demand in short term significantly down

11 Business Performance RMDG Aerospace Order book strong through H1 – Remains firm despite recent announcements Low cost sourcing progressing Efficiency improvements being targeted

12 Business Performance Maxpower Automotive Good progress on sourcing components from low cost countries – Higher costs for steel Implementation of Materials Requirement Planning(MRP) system progressing well Improving productivity Actions already underway to address weakening demand for balance of year

13 Outlook Good balance of industry sectors and markets Group well positioned to deal with current economic climate Softening of markets expected to become more widespread Action already underway to reduce costs Results expected to be toward lower end of market expectations

14 Questions?


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