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[June 2001]
Dyson Group PLC - Results and Acquisition Announcement
Dyson Group PLC has presented its preliminary results for the year ended 31 March 2001 and has announced its proposed acquisition of Millennium Materials Inc (MMI).
Group turnover on continuing operations was up 31%, from 51.2 million to 67.3 million. Underlying pre-tax profit was up 32%, from 3.1 million to 4.1 million. Underlying earnings per share were up 52%, from 10.04p to 15.27p. The total dividend for the year was 5.50p, up from 4.85p the previous year (+13%).
The Board announced on 18 June 2001 that Dyson had conditionally agreed to acquire MMI - a USA based developer and manufacturer of advanced ceramic materials and metal matrix composites for use in the electronics, information technology hardware and nuclear power generation industries - from Dr Sam Weaver, the CEO and owner of MMI, for an initial consideration of 7.8 million.
Such initial consideration is to be satisfied as to US$4 million in cash and by the issue of 3,285,000 Consideration Shares (representing approximately 18.4% of the enlarged issues share capital of Dyson immediately following Completion) which, based on the closing middle market price per Ordinary Share on 15 June 2001 of 152.5 pence, values the Consideration Shares at 5 million.
Mike O'Brien, Group Chief Executive of Dyson, said: "I am extremely excited by the implications of the MMI acquisition. Our own investigations and customer discussions, combined with the independent market research that has been undertaken, indicate that there is a real possibility that the metal matrix composite technology of the enlarged group will deliver substantially enhanced returns to shareholders".
ENDS