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[September 2006]
Foseco Interim Financial Report For First Half
Highlights of the financial report from Foseco PLC for the six months to 30 June 2006 are:
* Turnover increased by 10% to £210.2 million (2005: £190.4 million).
* Operating profit before exceptional items at £24.8 million was up 22% (2005: £20.4 million). After exceptional items, operating profit rose by 52% to £24.8 million (2005: £16.3 million).
* Operating profit margins before exceptional items at 11.8% improved by 1.1 points (2005: 10.7%). After exceptional items, operating profit margins remained at 11.8%, up 3.2 points (2005: 8.6%).
* Basic and diluted earnings per share (before exceptional items) were 7.7p (2005: 6.1p). Basic and diluted earnings per share for continuing operations after exceptional items were 7.7p (2005: 1.4p).
* Interim dividend of 1.54p (2005: 1.4p).
* Strong progress in Foseco Foundry (80% of turnover) in both sales and margins.
* Foseco Steel (20% of turnover) showed good sales growth and continued to invest in development of the business.
Commenting on the results, Danny Rosenkranz, Chairman, said: "I am delighted to report another excellent set of results. Turnover has grown strongly and I am particularly pleased with the overall improvement in the margins. Once again the Group has generated strong cash flows."
On markets and outlook, he said: "In Foundry, the view of the order book is limited but further growth is
anticipated; the outlook for the capital goods market remains positive and little change is expected in the global automotive market."The markets for the Steel business remain stable and we anticipate further progress in the second half of the year.
"We expect to make further progress for the Group as a whole in the second half of the year assuming that there is no deterioration in global trading conditions, although the relative strength of sterling, if maintained, will
impact the translation of the full year results."www.foseco.com
ENDS