|
26 weeks ended 31 January 2000 |
26 weeks ended 31 January 1999 |
52 weeks ended 31 July 1999 |
| 1 Analyses of turnover and profit | Turnover £m |
Profit £m |
Turnover £m |
Profit £m |
Turnover £m |
Profit £m |
| Market | ||||||
| Aerospace | 241.9 | 38.7 | 236.2 | 38.0 | 528.5 | 98.5 |
| Medical Systems | 197.8 | 37.6 | 171.8 | 32.5 | 376.2 | 76.0 |
| Industrial | 209.0 | 36.8 | 198.7 | 32.2 | 419.2 | 73.0 |
| 648.7 | 113.1 | 606.7 | 102.7 | 1323.9 | 247.5 |
| Goodwill amortisation | (2.6) | (0.5) | (3.0) |
| Operating profit | 110.5 | 102.2 | 244.5 | |||
| Net interest | (2.9) | (3.1) | (7.0) |
| Profit before taxation | 107.6 | 99.1 | 237.5 |
| Geographical origin | ||||||
| United Kingdom | 281.0 | 44.7 | 281.5 | 42.6 | 603.6 | 101.9 |
| USA | 312.8 | 60.2 | 277.6 | 51.3 | 612.2 | 124.3 |
| US dollars | $506.7m | $97.5m | $460.9m | $85.2m | $1004.0m | $203.9m |
| Europe | 60.6 | 4.0 | 64.6 | 5.9 | 135.0 | 14.3 |
| Other overseas | 43.8 | 4.2 | 35.5 | 2.9 | 76.5 | 7.0 |
| Inter - company | (49.5) | (52.5) | (103.4) |
| 648.7 | 113.1 | 606.7 | 102.7 | 1323.9 | 247.5 |
| Goodwill amortisation | (2.6) | (0.5) | (0.3) |
| Operating profit | 110.5 | (102.2) | 244.5 |
| 2 Dividends |
| An interim dividend
of 8.1 p per share (1999
7.4p) has been declared and will be paid on 17 May 2000 to holders of all ordinary shares whose names are registered at close
of business on 31 March 2000.
|
| 3 Earnings per share |
| Separate figures are given for earnings per share related to the average number of shares in issue for each period - | ||||||
|
26 weeks ended 31 January |
Year ended 31 July | |||||
|
2000 |
1999 | 1999 | ||||
| Basic | 314,276,749 | 309,388,518 | 310,932,199 | |
| Effect of dilutive share options | 2,247,677 | 2,237,831 | 2,558,478 | |
| Fully - diluted | 316,524,426 | 311,626,349 | 313,490,677 |
| 4 Acquisitions |
| During the period
the company acquired the issued share capitals of Environmental
Technologies Group (ETG) and a number of businesses from Invensys plc for
Aerospace, and Sabritec and LEA International Inc. (LEA) for Industrial.
Details of the consideration paid, amounts treated as goodwill and the net
assets acquired are set out below. These values are provisional and,
following completion of the ongoing review, will be finalised in
subsequent financial statements.
|
||||||
| Date of Acquisition | Consideration
£m |
Goodwill £m |
Net
assets £m |
|||
| ETG | 4.8.99 | 7.4 | 7.8 | (0.4) | ||
| Invensys businesses | 31.1.00 | 110.2 | 100.8 | 9.4 | ||
| Sabritec | 14.1.00 | 32.5 | 28.1 | 4.4 | ||
| LEA | 28.1.00 | 6.8 | 6.2 | 0.6 |
| 156.9 | 142.9 | 14.0 |
| In accordance
with the provisions of FRS10, the company amortises goodwill arising on
acquisitions after 1 August 1998 on a straight-line basis over a period of up to 20 years. The charge for the period to 31 January 2000 was £2.6m. |
||||||
|
Fixed borrowings |
Floating borrowings | Total 2000 |
Total 1999 |
| Interest Rate |
Years fixed |
Amount | ||||
|
|
||||||
| 5 Borrowings and net debt | £m | £m | £m | £m | ||
| Currencies : | ||||||
| Sterling | 9.18% | 3.8 | 8.5 | 12.3 | 8.7 | |
| US dollar | 8.32% | 2 | 16.8 | 254.1 | 270.9 | 164.0 |
| EMU participants | 6.7 | 6.7 | 9.3 | |||
| Japanese Yen | 1.75% | 3.6 | 22.4 | 26.0 | 44.1 | |
| Other | 1.6 |
| 24.2 | 291.7 | 315.9 | 227.7 |
| Cash and deposits | 70.6 | 88.2 |
| Net debt | 245.3 | 139.5 |
| Maturity : | ||||||
| On demand / under one year | 7.4 | 240.8 | 248.2 | 160.5 | ||
| One to two years | 0.2 | 2.1 | 2.3 | 3.8 | ||
| Two to five years | 16.6 | 48.8 | 65.4 | 63.4 |
| 24.2 | 291.7 | 315.9 | 227.7 |
| 6 Movements in shareholders' equity | 2000 £m |
1999 £m |
| Profit for the period | 74.4 | 68.3 | ||||
| Dividends | (25.5) | (23.1) |
| 48.9 | 45.2 | |||||
| Exchange variations | (2.8) | 3.2 | ||||
| Share issues | 10.0 | 19.9 | ||||
| Goodwill on prior year acquisitions | (1.3) |
| Net increase in shareholder' equity | 56.1 | 67.0 | ||||
| Shareholder' equity: | ||||||
| At 1 August 1999 | 352.3 | 221.7 |
| At 31 January 2000 | 408.4 | 288.7 |
