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[February 2003]
Hanson Preliminary Results for 2002
Hanson PLC announced preliminary results for the year 2002 on 20 February 2003.Highlights are as follows:
• Continuing trading turnover of £3.954 billion (2001: £3.965 billion).
• Continuing trading profit (pre-goodwill/exceptionals) of £495.7 million (2001: £509.8 million).
• Pre-tax profit (pre-exceptionals) of £350.3 million (2001: £351 million).
• EPS (pre-goodwill/exceptionals) of 5.1% to 43.5p (2001: 41.4p).
• Dividend up 10% to 15.4p (2001: 14p).
• EBITA interest cover restored at 6.3x (2001: 4.9x).
• Free cash flow per share up 7.6% to 65.1p (2001: 60.5p).
• Bolt-on acquisitions totalled £152.7 million (2001: £57.8 million).
• Net debt reduced by £259.8 million to £1.169.9 billion (2001: £1.429.7 billion), with gearing at 44% (2001: 52.5%).Alan Murray, Chief Executive, said: "A focus on cost control, operational efficiency and price improvement helped the group hold its pre-tax, pre-exceptional profit at last year's level, despite a 4.3% decline in total revenue and adverse currency movements. Looking ahead, market conditions in North America are likely to remain difficult, but the UK and Australia should continue to provide some protection against short-term earnings pressure".
Christopher Collins, Chairman, added: "Our strength is our consistent ability to generate strong cash flow. This enables us to reduce debt, invest in the business and raise the dividend".
ENDS