Another year of outstanding results for Chloride - Preliminary results for the year ending 31 March 2008
Chloride Group PLC, a leading specialist provider of critical secure power solutions, is delighted to announce record results for the year ended 31 March 2008.
Key financials
| |
2008 |
2007 |
Change |
|
Sales (£million) |
267.6 |
204.4 |
+31% |
|
Adjusted operating profit* (£million) |
36.1 |
23.5 |
+54% |
|
Adjusted profit before tax* (£million) |
33.3 |
21.7 |
+54% |
|
Profit before tax (£million) |
31.1 |
21.0 |
+48% |
|
Operating margin |
13.5% |
11.5% |
+2pts |
|
Adjusted earnings per share* (pence) |
9.51 |
6.63 |
+43% |
|
Basic earnings per share (pence) |
9.99 |
6.38 |
+57% |
|
Dividend (pence) |
4.00 |
3.00 |
+33% |
- Excellent sales growth well ahead of the market with products up 33% and service up 26%
- Adjusted operating profit* up 54% to £36.1 million (2007: £23.5 million)
- 6th successive year of improvement in operating margin**
- Basic EPS up 57% - reflecting the release of exceptional tax provision of £2.9 million
- Operating cash flow strong at £30.0 million - up 24% at 83% of adjusted operating profit
- Continued strong growth in Europe and expansion in the high-growth markets of Asia Pacific and the Middle East
- Share in DB Power Electronics, India increased
- Order intake ahead of sales resulting in a year end order book up £21.0 million to £102.4 million
* Profit/earnings per share from continuing operations before amortisation of acquired intangibles. (See note 5 to the financial statements).
** Profit from continuing operations before amortisation of acquired intangibles as a % of sales.
Commenting on these results, Keith Hodgkinson, Chief Executive, said
“By focusing on the consistent execution of our strategy, we have built strong positions in high-growth international markets and continually improved our technology and services to meet the broad scope of our customers’ requirements. These actions place the Company in a leading position to benefit from attractive opportunities in the world’s major and emerging economies.
We entered the new financial year with a record order book and a clear plan to meet our growth objective. This gives us confidence in the outlook for the coming year and beyond. We are well-placed to build further momentum for the benefit of our shareholders, customers and our people in the longer term.”
Enquiries:
Chloride Group PLC
Keith Hodgkinson (Chief Executive)
Tim Cobbold (Chief Operating Officer)
Neil Warner (Finance Director)
Hudson Sandler
Andrew Hayes/Kate Hough
Telephone:
On 2 June 2008: 020 7796 4133
Thereafter: 020 7881 1440/ 020 7796 4133
An analysts’ briefing will be held at the offices of Hudson Sandler at 29 Cloth Fair, London EC1A 7NN at 11.00 a.m. on 2 June 2008.
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