Fenner
 
 
 

Financial Highlights

Full Year ended 31 August 2016

  • The Group has continued to make solid progress in challenging markets
  • Improved performance in the second half by both AEP and ECS as management actions have taken effect
  • Oil & gas businesses increased shares in difficult markets; AEP medical businesses achieved an improved result
  • ECS North America refocusing/restructuring delivering to plan; further progress in Australia
  • Operating cash flow of £62.2m, leading to year end net debt of £150.0m (similar to last year, before currency effects)
  • Further significant cost savings of £42m achieved
  • Final dividend of 2.0p, making 3.0p for the year
  • Current year anticipated to be modestly ahead of previous expectations in addition to currency benefit.
  2016 2015
Revenue £572.5m £666.7m
Underlying operating profit 1 5 £37.1m £56.4m
Underlying profit before taxation 2 5 £23.2m £42.5m
Exceptional items £(40.8)m £(34.4)m
Loss before taxation £(30.3)m £(5.3)m
Operating cash flow 4 5 £62.2m £69.2m
Underlying earnings per share 2 3 5 8.4p 15.5p
Dividend per share 3.0p 12.0p

Notes:

  1. Underlying operating profit is before amortisation of intangible assets acquired and exceptional items
  2. Underlying profit before taxation and underlying earnings per share are before amortisation of intangible assets acquired, exceptional items and notional interest
  3. Underlying earnings per share is based on the basic weighted average number of shares in issue
  4. Operating cash flow is underlying operating profit adjusted for depreciation and amortisation, capital expenditure (net of disposals) and movements in working capital
  5. Underlying and non-GAAP measures have been presented to provide a more meaningful measure of the underlying performance of the business

Half Year ended 29 February 2016

  • First half results in line with AGM trading update
  • Advanced Engineered Products (“AEP”): medical ahead of prior year, industrial broadly flat, oil & gas down
  • Engineered Conveyor Solutions (“ECS”): continued difficult trading conditions across end markets offset by further cost control measures
  • Refocusing and restructuring of ECS Americas remains on schedule
  • Net debt of £155m
  • Interim dividend rebased to 1.0p per share
  2016 2015
Revenue £276.8m £347.6m
Underlying operating profit 1 4 £15.0m £28.7m
Underlying profit before taxation 2 4 £8.1m £21.8m
Loss before taxation £(23.1)m £(5.1)m
Operating cash flow 5 £19.1m £18.5m
Underlying earnings per share 2 3 4 2.9p 7.8p
Dividend per share 1.0p 4.0p

Notes:

  1. Underlying operating profit is before amortisation of intangible assets acquired and exceptional items
  2. Underlying profit before taxation and underlying earnings per share are before amortisation of intangible assets acquired, exceptional items and notional interest
  3. Underlying earnings per share is based on the basic weighted average number of shares in issue
  4. Underlying measures have been presented to provide a more meaningful measure of the underlying performance of the business
  5. Operating cash flow is underlying operating profit adjusted for depreciation and amortisation, capital expenditure (net of disposals) and movements in working capital
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Annual Report 2016

13 December 2016

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Full Year Results Presentation 2016

Released 16 November 2016

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