Press releases

Results for the six months ended 30 June 2010

23/08/2010

Six months ended 30 June 2010

Highlights:

• Operating profit growth for the first time in three years, up 9% to €33.1mn;
• Continued steady reduction in debt, down from €230.8mn at June 2009 to €135.1mn;
• Resumption of growth in UK Insulated Panel markets, order intake up 14% on half one 2009;
• Strong growth in US & Central Europe Panels intake and orderbook, which will help deliver a solid second half;
• Insulation sales growth of 12% including the acquisition of the Australian business, and encouraging growth in the Mainland Europe business;
• Access Floors sales decline, although margins and profitability both remain robust;
• Capital expenditure curtailed to €9.6mn;
• Resumption of an interim dividend of 4c per share.

	H1 2010	H1 2009	% change	% change at constant currency
Revenue	€558.7mn	€552.5mn	1.1%	-1.9%
EBITDA	€53.0mn	€50.7mn	4.5%	1.3%
Operating Profit	€33.1mn	€30.3mn	9.2%	6.2%
Operating Margin	5.9%	5.5%
Earnings per Share	12.5c	12.3c	1.6%
Adjusted Earnings per Share*	15.7c	14.1c	11.3%
Dividend per Share	4c	0c
Net Debt	€135.1mn	€230.8mn
Interest Cover	10.5times	9.5times

*Earnings before amortisation and IAS 39 derivative adjustment

Gene Murtagh, Chief Executive Officer, commented:

“We are encouraged to have resumed profit growth again for the first time in three years. Positive trends in first half order intake across the business point to a robust and solid outcome this year and together with the substantial progress made in lowering costs and debt, there is now scope to restore an interim dividend to shareholders.

Nevertheless, we remain mindful that recent global macro indicators remain cautious and mixed, while input price increases will present their own challenges in the months ahead.”

For further information contact:

Ed Micheau: Murray Consultants Tel: +353 (0) 1 4980300

View the complete Interim Results

« Back to Press releases

Top of page