Hamworthy plc, a world leader in the design and manufacture of innovative marine and offshore fluid handling systems, announces its interim results for the six months ended 30 September 2010.
Financial highlights
· Revenue decreased by 17.2% to £83.1 million (H1 2009: £100.4 million)
· Operating profit decreased by 36.7% to £6.4 million (H1 2009: £10.2 million)
· Underlying basic earnings per share decreased 29.9% to 11.7p (H1 2009: 16.7p per share)
· Order book rose by 31.4% in the six months to £186.7 million (30 September 2009: £196.3 million and 31 March 2010: £142.1 million)
· Strong cash generation from operations of £8.4 million (H1 2009: £15.9 million), leading to net funds at 30 September 2010 of £73.4 million (30 September 2009: £63.9 million)
· Interim dividend up 5.0% at 3.36p per share (2009: 3.20p per share).
Commenting on the results, Gordon Page CBE, Chairman of Hamworthy plc, said: “The Group is pleased to see a recovery in some of its markets as witnessed by the winning of some significant orders in the first half. However, the timing of a general upturn across the remainder of the Group’s end markets remains difficult to predict. With the current order book position and robust demand for Aftersales the Board is confident of meeting expectations for the full year.”
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Source: Hamworthy, November 23, 2010