Strong growth from consumer brands following sale of medical businesses
| |
For the six months ended: |
| |
30 September 2004 |
30 September 2003(2) |
| |
£'m |
£'m |
| Continuing Operations |
|
|
| Sales |
203.2 |
203.9 |
| Operating Profit(1) |
19.0 |
12.7 |
| Discontinued Operations(3) |
|
|
| Sales |
32.5 |
105.9 |
| Operating Profit(1) |
6.5 |
23.2 |
| Profit before tax |
28.2 |
11.3 |
| Earnings per share: |
|
|
| Basic |
14.1p |
3.9p |
| Continuing operations(1) |
3.6p |
0.0p |
• Operating profit from continuing operations up 50% to £19 million
• Operating margin from continuing operations up to 9% from 6%
• Consumer underlying sales growth of 3%; Durex growth of 3% and Scholl
footcare growth of 3.7%
• Brand contribution increases to £79.8 million; margin rises to 39.5% of
sales.
• Overheads down to £63.5 million (2003: £66.0 million)
• Cash proceeds from disposals reduce net borrowings to £84 million from
£294 million last year
(1)Before exceptional charges of £9.1 million (2003: £12.0 million) in
operating profit and net gains on disposal of £35 million (2003: nil) and
exceptional finance charges of £14.4 million (2003: nil) in profit before tax
(2)Restated for the impact of FRS 5 and FRS17
(3)Discontinued operations in the period relate to the disposal of the
remainder of the Group's medical businesses
Commenting, Garry Watts, Chief Executive said:
"This is a very pleasing first set of results for the new, consumer focused SSL.
All the financial indicators; sales, brand contribution, operating profit and
net debt, are pointing in the right direction. Morale is high and we feel
confident that our target to double last year's consumer operating profit of £26
million by March 2007 is achievable."
For further information, please contact:
SSL International plc
Garry Watts, Chief Executive
Mark Moran, Group Finance Director
Jan Young, Head of Investor Relations
020 7367 5760
The Maitland Consultancy
William Clutterbuck
Brian Hudspith
020 7379 5151
A Portable Document Format version of the Interim results for the Six Months ended 30 September 2004 can be viewed or downloaded from our Downloads page by clicking here.