Final Results

Carclo PLC 19 June 2000 Preliminary Results for the Year ended 31 March 2000 Highlights * Significant further progress in repositioning the group has been made with the acquisition of CTP Carrera and the disposal of Lee Steel Strip. * Turnover for ongoing operations was up 18% to £173 million (1999: £147 million). * Underlying operating profit for continuing operations was up 59% at £13.9 million (1999: £8.7 million). * 12% increase in reported profit before tax at £6.0 million (1999: £5.4 million). * Underlying EPS increased by 35% to 14.9p (1999: 11.0p) which covers the unchanged total dividend of 11.0p per share 1.4 times. Commenting on the results, George Kennedy, Chairman said: 'Carclo benefits from exposure to high growth markets such as mobile telephones and data communications. With new capacity coming on stream in our second half, we are confident that these dynamic markets will more than offset the recent deterioration in automotive markets. The recovery in demand for card clothing and specialist wire products continues. We are confident that the group has now entered a period of growth and will benefit from its position as a leader in the fields of technical plastics and specialist wire products.' For further information, please contact: Carclo plc On 19 June: 0207 253 2252 Ian Williamson, Chief Executive Thereafter: 01924 330500 Chris Mawe, Finance Director Ludgate Communications 0207 253 2252 Richard Hews Chairman's statement Strategic overview Over the past three years Carclo has repositioned itself into a group focused on technically demanding injection moulded plastics and specialist wire products. Further progress was made in 1999/2000 with the acquisition in April 1999 of CTP Carrera in the USA and the disposal of Lee Steel Strip in November 1999 underlining our withdrawal from commodity steel based products. To reflect these changes and to reinforce brand identity the company name was changed to Carclo plc. This was approved by shareholders at an extraordinary general meeting held on 8 November 1999. Results The underlying operating profits of the group increased by over 40% to £15.4 million on turnover up 8% at £191 million. This performance reflects an impressive maiden contribution from CTP Carrera, which contributed £4.2 million to operating profits, growth in technical plastics and a recovery in the profitability of our Specialist Wire businesses following significant reorganisation last year. In November 1999 Lee Steel Strip was sold for £20.7 million. A £5.8 million surplus over asset value was realised; however, goodwill of £9.6 million arising on the original acquisition of Arthur Lee & Sons plc, which had previously been written off against reserves, has been charged to the profit & loss account. This reduces the reported profit before tax for the year to £6.0 million, 12% ahead of prior year, but a higher tax charge in the year gives an EPS, when calculated in accordance with FRS3, of 4.4p compared to 6.9p in 1998/99. This tax charge is more fully discussed in the finance director's review. Underlying EPS, which more accurately reflects progress, has increased by 35% to 14.9p compared to 11.0p last year. Dividends Your board is recommending an unchanged final dividend of 7.56p per ordinary share, giving an unchanged dividend for the year of 11.0p per share. This dividend is covered 1.4 times by underlying earnings per share. Subject to shareholders' approval, dividend warrants will be posted on 14 September 2000 to shareholders on the register at the close of business on 11 August 2000. The shares will be traded excluding the right to the final dividend from 7 August 2000. Financial position Carclo ended the year with net borrowings at £28.1 million, a reduction of £3.6 million during the course of the year. This represents gearing at 31 March 2000 of 39%. Carclo currently has cash and unutilised medium term facilities totalling £71.2 million available to fund the future development of the group. Employees, management and board structure Henry Mutkin retired from the board on 31 December 1999. I would like to reiterate my thanks to Henry for his guidance and support over the years. Barbara Richmond joined Carclo as a non executive director on 1 January 2000 and has taken over the chair of the audit committee. We are delighted to welcome Barbara to the board. I would also like to welcome to the board Chris Mawe who joined as finance director on 3 September 1999. Chris was previously the finance director of IMI Yorkshire Fittings Group. Chris is making a significant contribution to the Carclo team. I would like to take this opportunity to thank all those employed by Carclo for their hard work during 1999/2000. Share buy back During the year your board exercised the powers conferred upon it to purchase 1,000,000 Carclo ordinary shares in the market for cancellation at a price of 120p per share. In addition the 10 1/2% preference shares were redeemed at their par value of £0.6 million. Whilst we are not looking to purchase further shares at this time, your board will be seeking to renew the general authority to repurchase shares at the annual general meeting. Outlook Carclo benefits from exposure to high growth markets such as mobile telephones and data communications. With new capacity coming on stream in our second half, we are confident that these dynamic markets will more than offset the recent deterioration in automotive markets. The recovery in demand for card clothing and specialist wire products continues. We are confident that the group has now entered a period of growth and will benefit from its position as a leader in the fields of technical plastics and specialist wire products. George Kennedy 19 June 2000 Chief executive's review The transformation of Carclo into a group focused in growth markets began in March 1997 with the acquisition of the Silleck and Davall technical plastics companies. This transformation was completed in the last year with our exit from mature and cyclical steel businesses. Underlying operating profits from continuing businesses grew by 59% in the last year justifying our confidence in the group's strategy. In 1996/97 our sales were £146 million. In the year just ended the ongoing businesses we owned in 1996/97 generated sales of just £87 million and less than half of our ongoing profits. The sales reduction during this period has been due to: Disposal of steel businesses (raising £28 million cash) £36 million Closure and rationalisation of wire businesses £11 million Impact of sterling on volume and prices £12 million Total sales reduction £59 million In this same period we have invested £52 million in four major technical plastics acquisitions which contributed £86 million of sales and £8 million of operating profits to last year's results. The board has been concerned to achieve this transformation within our existing resources. In the three years to 31 March 2000 we have paid out £18 million to shareholders in dividends; continued to invest well in our ongoing businesses; bought back and cancelled 12% of the equity and yet our borrowings of £28 million at 31 March 2000 were some £2 million lower than at 31 March 1997. In common with the rest of the engineering sector in the UK, our shares have not been a good investment over this same period - yet paradoxically the group is in a far stronger position today to deliver superior growth than at any time in the recent past. Carclo Technical Plastics now represents 70% of the group. We are one of a relatively small number of groups worldwide focused on fine tolerance, technical injection moulded components and assemblies. The largest of our competitors is not much more than twice our size, and we can therefore realistically aim to be in the top tier of global suppliers in the next two to three years. In technical plastics we benefit from the 'new economy' growth sectors - approximately 10% of our technical plastic sales in 1999/2000 were for mobile telephones, with a similar volume destined for broader telecommunication markets. Growth in these areas is very strong - our sales to the mobile telephone sector are set to double in the coming year. In Specialist Wire we retain strong global market positions in card clothing and in nylon coated wires. We are benefiting from exceptional productivity gains in the UK - compensating in part for the strength of sterling - and are seeing good recovery worldwide in the textile markets which we serve. These businesses are also now returning to growth. Opportunities for organic growth and technical development have never been higher and these will receive priority for capital investment and management resource. Capital expenditure will rise this year as we respond to the opportunities available to us. We also expect over the next couple of years to add to our activities in the USA - and to extend our geographical footprint in technical plastics in Europe and Asia. We have the headroom within our existing banking facilities to finance such acquisitions. Technical Plastics CTP Carrera was acquired in April 1999 and has delivered an outstanding performance in its first year in the group. Operating profits were £4.2 million on sales of £22.4 million. CTP Carrera is one of the leading moulders in the USA of fine tolerance components used in automotive, telecommunications, medical and computer applications. We have seen very strong growth in demand in the last year which is continuing into the present year. CTP Carrera operates satellite manufacturing plants - located close to major customers - controlled and technically supported from a core operation in Latrobe, Pennsylvania. This business model has proven to be very successful in the strong market conditions experienced in the last year. The satellite plants have been able to focus exclusively on maintaining high utilisation and efficiency - delivering real utilisation in excess of 80%. Operating so close to theoretical capacity limits is not feasible in the long run, and to cope with continuing strong growth we are adding new capacity in the USA. A 10 press satellite will commence operation in the second quarter of this year, and a further 15 press satellite is now in the planning stage for implementation towards the end of this year should the strong growth in demand continue. The integration of CTP Carrera with the CTP UK operations has gone well. We have learnt a great deal from the CTP Carrera model and are using some of the operating principles and procedures in the development of our UK operations. CTP Plasro is already moulding for a CTP Carrera customer in Europe, and CTP Carrera is supporting a CTP Coil customer in the USA. This confirms the importance of our global capability in technical plastics. The UK technical plastics operations delivered profits 3% ahead of the prior year on sales up by some 9%. There was good sales and profit growth in our automotive activities led particularly by CTP Wipac which delivered a very strong turnaround from the losses being incurred at acquisition in May 1998. Looking forward, the environment for automotive components in the UK is deteriorating. In the current year we are seeing increased pressure on pricing combined with slower market conditions. Product development and innovation will be the key to generating growth in our automotive businesses. CTP Wipac is making good progress in the development of niche lighting products and has exciting new developments, such as the multiband antenna, in the pipeline. Sales and profits in teletronics were also ahead of prior year in part due to the growth of our mobile telephone business. The performance of the optical-medical businesses was disappointing. In medical products we experienced an adverse Y2K effect as customer inventories were built up ahead of the millennium and were run down sharply in the New Year. Performance in the final quarter was unexpectedly weak, but has recovered strongly in the first quarter of this current year. CTP Coil was acquired in December 1998 and is the UK leader in plastic optics - its technology and design capability is excellent and it has a well deserved reputation for innovative design solutions. The company made a small profit in the first half but in the second half production yields fell resulting in a small loss before reorganisation costs for the full year. We have implemented a radical reorganisation and will relocate the business to a new factory in Slough later in the year. CTP Coil has entered the new year trading profitably. We are increasing capacity in the USA to cope with rapid growth. We are also seeing strong growth in our teletronics operations and have approved a major capacity expansion at two of our Scottish plants. This includes construction of a new state of the art plant modelled on the CTP Carrera concept - using identical operating procedures and practices. These investments will support significant volume growth over the next two years. Specialist Wire Profits in Specialist Wire showed a good recovery rising by 21% on sales down by 7%. This pattern of improving profits on declining sales is set to continue in the coming year as we continue to exit from wire products which are not profitable at the current level of sterling. Our card clothing business reported a much improved performance, particularly in the second half. The UK card clothing operations have achieved a significant improvement in productivity allowing us to pursue competitive pricing strategies even with the overvalued pound. We appear to be regaining market share in a world textile equipment market which is now recovering. Our USA operations also performed well despite generally difficult market conditions. The new Turkish service company established market leadership in one of the world's leading and fast growing textile markets. The Indian manufacturing operation commenced production and is achieving excellent quality levels from a very low cost base. Overall the prospects for card clothing are good. The other specialist wire operations did well to raise profitability in very difficult market conditions. Demand for nylon coated wire was good but we suffered further price deflation on this mainly export orientated business. Our wire rope operation was boosted by rapid growth in fibre optic cable demand. Within the UK we are the major source of the plastic coated strength members which form the core of fibre optic cable. Most of our wire activities are now concentrated in niches where we have proprietary technology or very strong market positions, although the process of rationalisation and withdrawal from low margin products will continue during the current year. In November 1999 we sold Lee Steel Strip to Avesta Sheffield AB for £20.7 million. This ends our involvement in cyclical steel businesses. In December 1999 we closed Fairbank Brearley, a business which produced specialised machinery for road vehicle spring manufacture. This export driven business performed poorly, in part due to the ongoing strength of sterling and, with no immediate prospects of recovery, we could see no alternative but to close the operation. The product range has been licensed to a privately owned machine tool manufacturer. The two remaining small Precision Engineering companies are now included in the Specialist Wire division. Both had a satisfactory year with sales and profits moving ahead of the previous year. Ian Williamson 19 June 2000 Finance director's review 2000 1999 £000 £000 Turnover (continuing) 173,340 147,350 Divisional operating profit 15,126 9,971 Central costs (1,179) (1,226) -------- ------- Underlying operating profit from continuing operations 13,947 8,745 Underlying divisional operating margin 8.7% 6.8% Underlying earnings per share 14.9p 11.0p Profits Underlying operating profit from continuing operations grew strongly to £13.9 million from £8.7 million in 1998/99 representing an increase of 59%. Profit before tax was £15.6 million before charging £9.6 million of goodwill reinstated from reserves on the disposal of Lee Steel Strip. This represents an increase of £10.3 million. The group continued to invest in reorganisation and rationalisation, partly as a result of the continued strength of sterling, accordingly £1.2 million was expended in the period. During the year we disposed of our Lee Steel Strip operation and closed Fairbank Brearley. Together these are classified as discontinued operations in the profit & loss account. The Lee Steel Strip disposal also resulted in a book profit of £5.8 million. Current accounting standards, however, require us to reinstate to the profit and loss account goodwill, which had been previously written off directly to reserves on the original acquisition of the business. For Lee Steel Strip this amounted to £9.6 million and is shown separately on the face of the profit and loss account. In 1998/99 we reported a £4 million charge against the withdrawal from flat wire production at Lee Smith Wires and the closure of its Halifax manufacturing satellite. As anticipated further costs were incurred in the current year, which along with the closure costs associated with Fairbank Brearley amounted to £0.5 million. Net interest payable in the period increased by £1 million, due primarily to higher borrowings between April 1999 and mid November 1999 when the group owned both CTP Carrera and Lee Steel Strip. Excluding goodwill amortisation, the net interest charge was covered 5.1 times by underlying operating profit (1999: 5.5 times). Taxation Taxation increased in the period to £3.5 million from £1.3 million in 1998/99 reflecting the strong rise in underlying taxable profits. The tax rate on underlying group profits in the year rose modestly to 35% (1999: 33%) reflecting a higher proportion of profits generated in the United States. The sale of Lee Steel Strip resulted in a taxable capital gain which has been offset against other capital losses and no tax should become payable on the transaction. However, the taxation treatment of gains and losses does not mirror those used for the preparation of accounts using generally accepted accounting principles. Because of this, a net £3.9 million charge, representing the excess of goodwill reinstated to the profit and loss account for Lee Steel Strip over the book gains, does not attract tax relief against operating income. Accordingly the aggregate group tax rate appears artificially high at 58.1%. Segmental analysis The group has previously reported its results in three divisions. As Lee Steel Strip made up the bulk of the Precision Engineering division the results of the remaining smaller engineering companies have been reported as part of the Specialist Wire division. The majority of the group's turnover also previously originated in the United Kingdom. The acquisition of CTP Carrera has changed this profile and we have therefore disclosed an analysis of the results by geographical origin. Earnings per share Underlying earnings per share have increased by 35% to 14.9p. The effect of corporate activity and share buy backs on the underlying EPS growth is analysed below: % Underlying EPS 1998/99 11.0p Increase due to share repurchase 0.6p 5% Lee Steel Strip disposal (1.8p) (16%) CTP Carrera acquisition 3.9p 35% Organic growth 1.2p 11% ------ ------ Underlying EPS 1999/2000 14.9p 35% Employee numbers Employee numbers at the beginning of the period were 3,349. Reorganisation resulted in a reduction in employee numbers of around 100. Disposals and closures reduced numbers by a further 234 and 223 new employees joined the group with CTP Carrera. This, along with the normal fluctuation in employment, brought the total employed by the group at the year end to 3,223. Banking At 31 March 2000, in addition to subsidiary company overdraft facilities, the company had assured medium term facilities with our 4 UK relationship banks amounting to £64.8 million. The company has $35 million of fixed rate indebtedness secured under a United States Private Placement (USPP) the proceeds of which have been used to hedge overseas currency assets or swapped into sterling. Maturity of the USPP ranges between 2006 and 2010 with medium term facilities coming up for renewal between 2001 and 2010. Cash flow & gearing The group generated operating cash flows in the year of £18.9 million after investing £4.3 million in additional working capital. Taxation and interest payments amounted to £6.0 million and capital expenditure (not including the purchase of the CTP Carrera land and buildings) amounted to £7.2 million or 76% of depreciation (1999: 104%). The dividend payment was £6.2 million. The group has undertaken two major corporate transactions in the year, purchasing Carrera Corporation in the USA in April and then subsequently disposing of Lee Steel Strip in November. Carrera Corporation was acquired for an initial consideration of £15.3 million, including costs, satisfied by £13.8 million in cash and £1.5 million in shares. Deferred consideration of £5.6 million will become payable in instalments of £3.9 million in June 2000 and £1.7 million in June 2001 if full performance conditions are met. In addition, the group purchased the CTP Carrera land and buildings during 1999 amounting to £2.7 million. Total consideration will therefore amount to £23.6 million. In November 1999 the group disposed of Lee Steel Strip for net proceeds of £21.7 million. The effect of these two transactions gave rise to a £5.3 million cash inflow. A further limited share buy back of 1 million ordinary shares at a cost of £1.2 million was undertaken in the year with £0.6 million used to redeem the 1999 10 1/2% cumulative preference shares at par. Net debt at the period end reduced by £3.6 million to £28.1 million, representing gearing of 39% (1999: 47%). Foreign Currency The group adopts a strategy of hedging its overseas-denominated assets with corresponding borrowing. At the balance sheet date, 100% of the group's foreign currency net assets, excluding goodwill previously written off, was covered by currency borrowings. The re-translation of net assets denominated in foreign currencies at the balance sheet date has therefore not had a material affect on the net assets of the group. We do not hedge the operational results arising at our overseas subsidiaries. A growing proportion of the group's operating profits and cash flows are now generated in the United States and therefore the re-translation of overseas subsidiary results into sterling can impact the profit in future periods. Dividends and shareholders' funds The board is recommending a final dividend payment of 7.56 pence per share. This is unchanged on last year. The total dividend for the year amounts to 11.0p (1999: 11.0p). The dividend is covered 2.0 times by post tax profits before the reinstatement of 9.6m of goodwill from reserves (1999: 0.7 times). Shareholders' funds increased from £67.3 million to £72.9 million. This included the issue of new share capital of £1.6 million; a £0.2 million loss on foreign currency investments and a share repurchase of £1.8 million. New accounting standards Two new accounting standards, FRS 15 (Tangible Fixed Assets) and FRS 16 (Current Tax) have been introduced in the year. The impact of the standards has not resulted in any material changes to the accounting policies of the group. Year 2000 compliance We are pleased to report that all of our mainstream computer systems proved to be millennium compliant. Chris Mawe 19 June 2000 CONSOLIDATED PROFIT AND LOSS ACCOUNT YEAR ENDED 31 MARCH 2000 1999 £'000 £'000 --------------------------------------------------------------------- Turnover Continuing operations: ongoing 150,919 147,350 acquisitions 22,421 - Discontinued operations 17,953 30,203 -------- -------- 191,293 177,553 -------- -------- Operating profit Continuing operations: ongoing - before rationalisation costs 9,719 8,745 - rationalisation costs (1,226) (1,161) -------- -------- - after rationalisation costs 8,493 7,584 acquisitions 4,228 - Discontinued operations 1,447 2,085 -------- -------- 14,168 9,669 Goodwill amortisation (748) (103) -------- -------- Operating profit 13,420 9,566 -------- -------- Continuing operations: ongoing 8,196 7,481 acquisitions 3,777 - Discontinued operations 1,447 2,085 -------- -------- Operating profit 13,420 9,566 -------- -------- Disposal of subsidiary undertaking - surplus of proceeds over assets 5,753 - - goodwill previously written off to reserves (9,628) - -------- -------- (3,875) - Loss on termination of operations (538) (4,044) Profit on sale of properties - 1,812 -------- -------- Profit before interest 9,007 7,334 Net interest payable 3,012 1,962 -------- -------- Profit on ordinary activities before taxation 5,995 5,372 Taxation 3,484 1,269 -------- -------- Profit on ordinary activities after taxation 2,511 4,103 Preference dividends (non equity) 32 64 -------- -------- Profit attributable to ordinary shareholders 2,479 4,039 Ordinary dividends 6,016 6,181 -------- -------- Deficit for the year (3,537) (2,142) ======== ======== Earnings per ordinary share Basic and fully diluted 4.4p 6.9p Underlying 14.9p 11.0p -------- -------- Dividend per ordinary share 11.0p 11.0p -------- -------- CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2000 1999 £'000 £'000 £'000 £'000 --------------------------------------------------------------------- Fixed assets Intangible assets 20,008 5,837 Tangible assets 57,918 63,898 Investments 1,072 187 ------ ------ 78,998 69,922 Current assets Stocks 19,884 23,918 Debtors 40,332 39,193 Pensions prepayment due after more than one year 11,106 10,947 Cash at bank and in hand 11,672 11,529 ------ ------ 82,994 85,587 ------ ------ Creditors - amounts falling due within one year Bank loans and overdrafts 8,935 14,795 Trade and other creditors 35,175 31,144 Taxation 1,031 1,023 Dividends 6,016 6,214 ------ ------ 51,157 53,176 ------ ------ Net current assets 31,837 32,411 ------- ------- Total assets less current liabilities 110,835 102,333 Creditors - amounts falling due after more than one year 32,051 27,584 Provisions for liabilities and charges 5,890 7,465 ------- ------- Total net assets 72,894 67,284 ======= ======= Capital and reserves Called up share capital 2,788 3,380 Share premium 41,722 40,236 Revaluation reserve 2,080 2,215 Other reserves 1,134 476 Profit and loss account 25,170 20,977 ------- ------- Shareholders' funds 72,894 67,284 ======= ======= Equity interests 72,894 66,676 Non equity interests - 608 CASH FLOW STATEMENT YEAR ENDED 31 MARCH 2000 1999 £'000 £'000 ---------------------------------------------------------------------- Cashflow from operating activities 18,908 18,692 Returns on investments and servicing of finance (3,059) (1,670) Taxation (2,937) (4,168) Capital expenditure and financial investment (9,565) (4,609) Acquisitions and disposals 10,318 (10,272) Equity dividends paid (6,183) (4,655) ------- ------- Cash inflow/(outflow) before use of liquid resources and funding 7,482 (6,682) Financing Issue of shares - 22 Repurchase of own shares (1,817) (7,197) Increase in debt 1,254 8,320 Capital element of finance lease rentals (994) (715) ------- ------- Increase/(decrease) in cash in period 5,925 (6,252) ======= ======= Reconciliation of net cash flow to movement in net debt Increase/(decrease) in cash in period 5,925 (6,252) Cash inflow from increase in debt and lease financing (260) (7,605) ------- ------- Change in net debt resulting from cash flows 5,665 (13,857) Exchange movement 336 103 Loans and finance leases acquired with subsidiary undertaking (2,367) (1,695) ------- ------- Movement in net debt in period 3,634 (15,449) Net debt at beginning of period (31,749) (16,300) ------- ------- Net debt at end of period (28,115) (31,749) ======= ======= TURNOVER, OPERATING PROFIT AND NET ASSETS EMPLOYED YEAR ENDED 31 MARCH 2000 Operating Net Turnover profit assets £'000 £'000 £'000 --------------------------------------------------------------------- By class of business Continuing operations Technical plastics division 94,152 6,772 37,303 Specialist wire division 56,767 4,166 35,962 ------- ------- ------- 150,919 10,938 73,265 Rationalisation costs (note 1) (1,226) ------- ------- ------- 150,919 9,712 73,265 Acquisitions - Technical Plastics division 22,421 4,228 4,359 Discontinued (Note 2) 17,953 1,447 - ------- 77,624 Unallocated assets (Note 3) (4,730) ------- ------- 191,293 72,894 ------- ------- ------- Divisional operating profit 15,387 Central administration costs (1,179) Pension cost - regular cost (2,590) - credit in respect of surplus 2,550 Goodwill amortisation (748) ------- Group operating profit 13,420 ======= By geographical area Continuing operations United Kingdom 134,811 10,554 67,058 United States of America 6,293 586 3,218 Rest of World 9,815 (202) 2,989 ------- ------- ------- 150,919 10,938 73,265 Rationalisation costs (note 1) (1,226) ------- ------- ------- 150,919 9,712 73,265 Acquisitions - United States of America 22,421 4,228 4,359 Disposals - United Kingdom 17,953 1,447 - ------- 77,624 Unallocated assets (Note 3) (4,730) ------- ------- 191,293 72,894 ------- ------- ------- Divisional operating profit 15,387 Central administration costs (1,179) Pension cost - regular cost (2,590) - credit in respect of surplus 2,550 Goodwill amortisation (748) ------- Group operating profit 13,420 ======= Geographical segment - by destination United Kingdom 100,708 Rest of Europe 33,470 Rest of World 57,115 ------- 191,293 ======= 1999 Operating Net Turnover profit assets £'000 £'000 £'000 --------------------------------------------------------------------- By class of business Continuing operations Technical plastics division 86,617 6,559 36,964 Specialist wire division 60,733 3,442 37,950 ------- ------- ------- 147,350 10,001 74,914 Rationalisation costs (note 1) (1,161) ------- ------- ------- 147,350 8,840 74,914 Acquisitions - Technical Plastics division - - - Discontinued (Note 2) 30,203 2,085 13,711 ------- 88,625 Unallocated assets (Note 3) (21,341) ------- ------- 177,553 67,284 ------- ------- ------- Divisional operating profit 10,925 Central administration costs (1,226) Pension cost - regular cost (2,562) - credit in respect of surplus 2,532 Goodwill amortisation (103) ------- Group operating profit 9,566 ======= By geographical area Continuing operations United Kingdom 131,494 10,075 68,299 United States of America 5,759 439 3,019 Rest of World 10,097 (513) 3,596 ------- ------- ------- 147,350 10,001 74,914 Rationalisation costs (note 1) (1,161) ------- ------- ------- 147,350 8,840 74,914 Acquisitions - United States of America - - - Disposals - United Kingdom 30,203 2,085 13,711 ------- 88,625 Unallocated assets (Note 3) (21,341) ------- 177,553 67,284 ------- ------- ------- Divisional operating profit 10,925 Central administration costs (1,226) Pension cost - regular cost (2,562) - credit in respect of surplus 2,532 Goodwill amortisation (103) ------- Group operating profit 9,566 ======= Geographical segment - by destination United Kingdom 107,233 Rest of Europe 36,110 Rest of World 34,210 ------- 177,553 ======= Notes 1. The rationalisation costs in the year relate to both divisions and were principally employee costs in nature. 2. The discontinued businesses were formerly in the Precision Engineering division 3. Unallocated net liabilities include interest bearing assets and liabilities, investments, taxation balances, capitalised goodwill and head office net assets.

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