Highlights:
- Sales from continuing operations increased by 13% to exceed £3 billion
- All divisions contributed double-digit growth in headline profit
- Headline* PBT and EPS increased by 18%, to £413m and 54.3p
- On a statutory basis, PBT and EPS were £310m and 39.3p (2004: £300m and 38.0p)
- Cash generation below target, but expected to recover
- Outlook is for continued growth in 2006
- Annual dividend increased for 35th year, by 7.4% to 29.0p
* Before amortisation and impairment of goodwill and other intangible assets, and exceptional items
Commenting on the results, Keith Butler-Wheelhouse, Chief Executive said:
The increase in earnings came from a good performance across the company. We achieved underlying growth, improved our productivity and added valuable acquisitions. We are also seeing the benefit of recent higher investments in R&D. Looking ahead, the principal markets for our products are robust, and we have strengthened our competitive position within them. The plan for 2006 will follow a consistent formula: driving the top line ahead, controlling costs and finding value enhancing acquisitions. We are confident that we can deliver continued growth from across Smiths Group.
ENDS