Final Results - Year Ended 31 December 1999

Yule Catto & Co PLC 7 March 2000 Yule Catto & Co plc HIGHLIGHTS - Strong earnings, dividends at record levels. - Profit before taxation and amortisation of goodwill at £54.2 million. - Increased dividend for nineteenth consecutive year. - Excellent free cash flow of £36.4 million. - Successful Private Placement for £100 million borrowings. - Further improvement in working capital efficiency. - Synthomer acquisition offers exciting expansion opportunities. - Sound long term growth prospects. For further information please contact: Mr Alex Walker, Chief Executive ) 01279 442791 Mr Sean Cummins, Finance Director ) CHAIRMAN'S STATEMENT We reflect on 1999 as a year of sound achievement when efforts were directed at creating a solid foundation for future growth. Strong management focus again provided excellent cash generation which is a long established attribute of the group. We are delighted to have secured full control over the synthetic latex operations of Synthomer Ltd and Synthomer GmbH by purchasing the outstanding shares in these companies from our joint venture partner, Reichhold Inc. This acquisition removes geographic restrictions and provides exciting opportunities in the rapidly growing global market for speciality latex. Profit before taxation advanced by 6.4% and profit attributable to shareholders by 6.0%. The quality of our operations was once again demonstrated by their resilience in less than favourable conditions. Earnings per share were pegged at 24.5 pence for the year by a higher number of shares in issue. Prospects for the group remain strong and your directors have declared an increased final dividend of 6.7 pence per share, making a total of 11.2 pence for 1999, compared with 11.0 pence in the previous year. Turnover of £532.2 million is at the same level as 1998 reflecting the planned withdrawal from certain highly competitive markets to concentrate upon more technically demanding application areas. We have enjoyed strong growth for our speciality products, but an increase in raw material costs in the second half contributed to a small reduction in margins. Operating profit for the year, before amortisation of goodwill, was 3.4% higher at £66.1 million. Many of our operations have paid close attention to productivity efficiencies through investment in process improvements and by rationalisation initiatives. The number of new product launches is particularly encouraging and we have developed new customers, increasing our market share in speciality sectors. The year ended with demand running at high levels in several of our important markets. Cash management consistently receives a high level of attention with strict controls over working capital requirements and a closely targeted capital investment programme. Our capital requirement was lower during 1999 with the primary focus being on capacity expansion of our chemicals businesses. Ongoing reductions in stock levels within the Holliday companies, coupled with increased all round co-operation with our suppliers, played a significant part in achieving improvements in working capital efficiency. Free cash flow before dividends, was a very satisfying £36.4 million. Net debt at the year end of £202.4 million is after investing £61.5 million on the outstanding 50% shareholdings in the Synthomer companies. During the year we have taken measures to create longer term security on our borrowing requirements. Specifically, we undertook a Private Placement which extended the term of £100 million of debt to a ten year average life, and we have tightened our hedging strategy by fixing the interest rate on a further £75 million of debt for periods of five and ten years. Our approach towards the introduction of the latest Corporate Governance requirements, contained in the Turnbull Report, is outlined in the Annual Report. Employee health and safety, along with the environment, are subjects that receive high priority, and I am pleased to highlight our SHE Report, which details further initiatives that have been introduced. The preparation of our information technology systems for a smooth transition through the Year 2000 was successful in every respect. The new Millennium starts with significant changes to the Board of Directors. Having reached retirement age in March 2000, Allister McLeish will leave the group. Under Allister's prudent financial stewardship, the group has generated significant cash to enable numerous acquisitions and to support a dividend policy that has seen growth in every one of his nineteen years' tenure. Jan Michiel Hessels has resigned as a non-executive director, effective 1 March 2000 and Lee Hau Hian will resign from the board and become an alternate director on 23 May 2000. On behalf of the Board of Directors I would like to thank Allister, Jan Michiel and Hau Hian for their invaluable contribution during their years of service. Sean Cummins has been appointed to the board and will assume the position of Finance Director in March. Richard Hunting and John Napier joined the board as non-executive directors on 4 February and 6 March 2000 respectively. After forty years as chairman of Yule Catto & Co plc, and its predecessor Yule Catto & Co Ltd, I have decided to step down at the Annual General Meeting in May. Over that period I have seen many changes and our group has grown and prospered. I take this opportunity to wish my old and new colleagues continued success, to you our shareholders a fond farewell and to our staff all over the world many thanks for their hard work and loyalty. Anthony Richmond-Watson, who has been a non-executive director for many years, will take over as Chairman. Global economic confidence is high, and is being reflected in our market sectors. The volume growth that we experienced towards the end of 1999 has carried through to the start of this year. There remains uncertainty over the fair valuation of the euro, a key trading currency within our group, and the sustainability of the current oil price, which adds to inflationary concerns and raw material pricing pressures. However, we have considerable experience of successfully managing businesses at all stages of the economic cycle and there is every reason to believe that we shall continue to prosper. Your board remains confident in the group's long term growth prospects. Catto 7 March 2000 SUMMARY OF RESULTS for the year ended 31 December 1999 Total Total 1999 1998 Audited Audited £000 £000 Total turnover 532,191 532,276 Earnings before taxation, interest and amortisation 82,553 78,946 Operating profit before amortisation 66,057 63,897 Total operating profit 55,261 54,198 Profit before taxation and amortisation 54,210 50,969 Profit on ordinary activities before taxation 43,414 41,270 Profit attributable to shareholders 26,935 25,417 Shareholders' funds 233,768 223,130 Capital employed 238,757 227,899 Net borrowings 202,374 166,529 Free cash flow before dividends 36,385 27,776 Adjusted earnings per ordinary share 24.5p 24.1p Earnings per ordinary share - FRS3 17.5p 17.5p Dividends on ordinary shares: Increase in 1997 final dividend - 2,884 Interim of 4.5p paid in November (1998 4.4p) 6,910 6,673 Proposed final of 6.7p (1998 6.6p) 10,336 10,169 Dividend cover 2.2 2.2 Note: Subject to shareholders' approval, the final dividend of 6.7 pence will be payable on 5 July 2000 to those shareholders registered on 14 April 2000. CONSOLIDATED PROFIT AND LOSS ACCOUNT for the year ended 31 December 1999 Total Total 1999 1998 Audited Audited Continuing Operations £000 £000 Turnover Subsidiaries 442,433 435,966 Joint ventures 89,758 96,310 ------- ------- 532,191 532,276 ======= ======= Operating profit before amortisation 66,057 63,897 Amortisation of goodwill (10,796) (9,699) ------- ------- Total operating profit 55,261 54,198 Sale and termination of businesses - 19 Interest payable (net) (11,847) (12,947) ------- ------- Profit on ordinary activities before taxation 43,414 41,270 Taxation on profit on ordinary activities (14,908) (14,807) ------- ------- Profit on ordinary activities after taxation 28,506 26,463 Minority interests (1,571) (1,046) ------- ------- Profit attributable to shareholders 26,935 25,417 Ordinary dividends (17,246) (19,726) ------- ------- Retained profit for the financial year 9,689 5,691 ======= ======= CONSOLIDATED BALANCE SHEET 31 December 1999 1999 1998 Audited Audited £000 £000 Goodwill 240,020 197,299 Fixed assets 175,043 168,834 Working capital and provisions 36,404 38,464 Dividends (10,336) (10,169) Net borrowings (202,374) (166,529) ------- ------- Net assets 238,757 227,899 ======= ======= Shareholders' funds 233,768 223,130 Minority interests 4,989 4,769 ------- ------- Capital employed 238,757 227,899 ======= ======= CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 December 1999 1999 1998 Audited Audited £000 £000 Net cash inflow from operating activities 69,818 61,471 Interest payable (12,940) (8,785) Dividends received less paid 5,570 8,712 Taxation paid (9,079) (9,959) Capital expenditure (17,723) (27,536) Other movements 739 3,873 ------- ------- Free cash flow before dividends 36,385 27,776 Acquisition and disposal of businesses (56,684) (158,702) Equity dividends paid (17,079) (6,538) Issue of ordinary shares 381 1,200 Redemption of preference shares - (3,411) Acquisition of subsidiary's long term debt - (32,680) Exchange movements 1,152 (2,506) ------- ------- Movement in net borrowings (35,845) (174,861) ======= ======= Copies of the 1999 Annual Report will be posted to shareholders on 11 April 2000. REVIEW OF OPERATIONS POLYMER CHEMICALS 1999 1998 £000 £000 Turnover including share of joint ventures 176,800 178,171 Operating profit including share of joint ventures 27,282 25,677 One of the longest standing and strongest sectors in which the group operates was significantly enhanced in November last year with Yule Catto taking full control of Synthomer Ltd and Synthomer GmbH from its joint venture partner Reichhold Inc, for a consideration of US$95 million. By means of this change, Synthomer will be able to operate free from restriction in the global market. This will be supported by the early establishment of manufacturing facilities in the Far East and a commercial infrastructure in other parts of the world. The results from the Polymer Chemicals sector showed good progress last year on the back of continued benefits from the focus on the more technically demanding speciality products. This performance was achieved despite the major raw materials, styrene, butadiene, acrylonitrile and vinyl acetate showing steady upward price movement since March 1999. Against all predictions, this trend has continued into 2000 fuelled by an oil price that has seen Brent crude reaching post-Gulf war highs. In response to this challenge actions are already in place to protect margins. The strength of sterling had a positive influence on the input price of raw materials to UK operations, but overall it was not beneficial due to its impact on UK export prices and the translation of overseas profit. Moderate capital investment was undertaken in 1999, mainly directed to capacity upgrade and SHE items. A major programme of investment, including geographic expansion of production facilities, is planned in 2000. Synthetic Rubber Latices Overall demand in the market has been strong, with all producers reporting high levels of plant utilisation. Volumes in Synthomer Ltd and Synthomer GmbH, which were constrained by plant capacity, moved forward following plant commissioning at Stallingborough, UK in May 1999 as well as through production efficiencies in Langelsheim, Germany. The installation of a fully integrated management information system, as well as a new process computer at the Stallingborough factory, will further increase the effectiveness of the businesses. In the dipped goods sector, notably thin skin gloves, substantial growth was achieved as the progressive replacement of natural rubber-based products continued, driven by certain technical advantages, as well as concerns with allergic reaction. Although sales for coated paper applications remain an important contributor, the major growth continues to be in the speciality sectors. Consumption in glass fibre and technical textiles, as well as in construction, showed a very pleasing development. In the carpet sector, the market has been somewhat sluggish, partially influenced by the current fashion towards hard flooring, e.g. wood laminates and ceramic tiles. The inability of UK mills to compete with low cost European tufted producers was further exacerbated by the strength of sterling. In the second half of last year demand returned in continental Europe enabling growth to be achieved through good performance in automotive and speciality carpet applications. Emulsions In the UK, Harlow Chemical Company Ltd turned in a fine performance with high demand in the paints and adhesives sectors. Good progress was also recorded in exports for speciality applications. In expectation of continuing growth, further investment in the Stallingborough, UK facility is scheduled for early 2000. In Saudi Arabia our joint venture, DCI Harco, has commissioned a further reactor, together with increased raw material and finished goods handling. As well as strong growth in the Kingdom, increased penetration of other Gulf states was achieved. In South Africa it is pleasing to report a significant increase in demand. Falling interest rates, although still high by global standards, combined with a new realism in labour relations, are leading to real economic benefit. A recovery in tourism is driving the need for improved infrastructures and major trials have been successfully completed in northern Kwa Zulu Natal using polymers in the construction of low cost access roads. This will have a very positive impact on rural economies. For Revertex Belgium SA the recently commissioned polymerisation plant is having real benefit, and is fuelling the growth of our industrial adhesives business into a wider geographic area. In the Far East there has been a general improvement in the Malaysian economy helping emulsion volume to move forward by 10% over the very depressed levels of 1998. A reduction in operating costs and attention to margin resulted in a performance ahead of expectations at this point in the recovery cycle. Revertex (Guangdong) Chemicals Co Ltd has continued to enjoy a steady improvement in sales volume. However, margin erosion has been severe in the face of strong competition and rising raw material costs. Natural Rubber Latices An imbalance in the market due to overstocking of dipped examination gloves impacted unfavourably on both volume and margin last year. After extensive review, the decision was implemented by Revertex (Malaysia) Sdn Bhd to cease manufacture of centrifuge latex and concentrate resources on an extended range of natural latex compounds. Better market conditions existed in Thailand where steady progress was achieved. Polyvinyl Acetate/Alcohol Record sales were achieved in Alcotex primary stabilisers for PVC production and, with the launch of a water-dilutable secondary stabiliser, good growth is assured in 2000 and beyond. The pre-eminence of PVC in many applications, particularly in developing countries, assures the growth in demand for this polymer well into the future. New grades for use in printing plate and ink jet applications have been well received in the market. Expansion of the Alcotex manufacturing facility commenced in 1999, with commissioning of the additional 25% capacity expected in early 2000. Active marketing of the Mowilith polyvinyl acetate has further broadened our customer base and geographic coverage leading to record sales achievement. Other Speciality Products The adhesives business of Revertex Finewaters Sdn Bhd grew significantly in 1999. While this was assisted by the general growth in the local economies, the management has seized every opportunity by sustaining a concentration on strong marketing and high levels of customer service. Revertex (Malaysia) Sdn Bhd saw an improvement in its alkyd and polyester resin business after the extremely poor results of the previous year. Margins have not recovered to previous levels, but market share remains high in a period of strengthening sales volume. The joint venture with Exxon to manufacture plasticisers in Malaysia was dissolved in 1999 against a background of depressed prices and demand. The company has been reorganised as a wholly owned subsidiary of Revertex (Malaysia) Sdn Bhd providing a toll manufacturing service to Exxon against a fixed price long-term contract. Despite a decline in the demand for lithene polybutadiene in the chlorinated rubber market, Revertex Chemicals Ltd achieved a creditable growth in other applications, notably encapsulants, surface coatings and automotive sealants. PHARMA & FINE CHEMICALS 1999 1998 £000 £000 Turnover 95,874 95,805 Operating profit 18,641 22,720 Overall, the future is bright for our businesses in this sector. However, a setback was experienced in 1999 due to the rapid consolidation within the life science industry impacting upon the timing of projects. The efforts directed towards widening and deepening the range of generic products saw good progress in the second half of last year and further benefit is anticipated in the near and medium term. Working capital has come under close management scrutiny and, while this brought pleasing results in terms of cash generation, the substantial reduction in stock levels was a negative factor on profits. The world flavour and fragrance market has not seen the same level of corporate restructuring and our companies are benefiting from good demand and increased momentum towards outsourcing by the major flavour and fragrance houses. Pharma A reorganisation of the management structure of our pharmaceutical operations was completed towards the end of last year to enhance our ability to service the ever demanding requirements of the life science market. All the Yule Catto pharmachem companies have been brought together under one name, Uquifa. A single focussed approach towards marketing and product development from our strong base in Barcelona will leverage our ability to service the changing needs of our growing customer base. Union Quimico Farmaceutica SA (UQUIFA) experienced a year of mixed fortunes with the changing face of the world's pharmaceutical industry slowing the rate of product approvals and altering the requirements of the larger ethical customers. In contrast, the strong base of generic actives saw good progress. The market for anti-ulcer actives is strong and the company continues to hold a dominant position in an expanding Ranitidine market. As expected, there was pricing pressure during 1999, but volumes have grown significantly to more than counteract the impact. It is envisaged that this growth will be sustained by demand through the OTC sector of the market. Uquifa Italia SpA saw a weakness in the antibiotic sector balanced by ethical products. The outlook for antibiotics brightened towards the end of last year, but the position for other products looks less certain in the coming months. Uquifa Mexico S.A. de C.V. has seen a continued slowdown in the offtake for veterinary products. The response to this has been to accelerate the development of generic products and increase the manufacture of intermediates in support of our other pharmaceutical operations. With the majority of sales in US dollars, the unexpected strength of the Mexican peso increased operating costs and placed pressure on margins. Continued capital investment at all our manufacturing sites has provided a technological base with capacity to respond to the fast track new development programmes prevalent today. We continue to pursue a strategy of having free capacity on the ground to meet customers' short and medium term requirements. In addition, we are now in a position to undertake development under cGMP right from preclinical to product launch. Investment in additional pilot plant facilities is planned in 2000 to enhance this capability. While 1999 has seen some disappointments, there are a number of very interesting projects in phase 2 and 3 of drug development programmes. These are likely to bear fruit in the next few years and will provide a significant boost to our overall earnings. The objective for the generic market is to add two to three new products per annum. The position is already building steadily and our increasing product portfolio underwrites our future potential in this sector. We believe our companies are well placed to benefit from the growing demands of the life science industry as drug discovery and launch programmes increase over the coming years. Flavours and Fragrances Oxford Chemicals recorded strong growth throughout last year. Progress was achieved in all major markets with product quality and customer service overcoming the difficulties of a strong UK currency. Internal rationalisation within the major flavour and fragrance companies is creating significant opportunities. The new plant commissioned in 1999 and dedicated to critical odour products on a bulk scale is already enjoying good utilisation. PFW Aroma Chemicals BV benefited throughout last year from strong demand for polycyclic musks in the fabric and personal care sectors. This required investment in a debottlenecking programme to release additional capacity. Further investment is planned for 2000 due to continuing demand for these products. Opportunities in domestic fabric care and housewares have been identified and the launch of a range of novel products began in 1999 and will be expanded in 2000. PERFORMANCE CHEMICALS 1999 1998 £000 £000 Turnover 155,972 162,972 Operating profit 17,302 16,895 The benefits of strong action initiated to counteract adverse market conditions for a number of the performance chemicals businesses emerged progressively last year. Opportunities for operating cost reductions are being pursued into the year 2000, entailing both investment and restructuring. Consumer Products and Services The challenges of a weak UK market were well met by our consumer chemical companies to achieve improved results. The name of Yule Catto Consumer Chemicals Ltd was changed to Reabrook Ltd and preparations were made throughout 1999 to merge with Greenhill Chemical Products Ltd in order to release operational efficiencies. The modern, recently enlarged facilities at the Greenhill factory form the base for this consolidation which will bring together all production and warehouse units with attendant cost savings. Autoclenz Ltd had another good year with both sales and profits advancing strongly despite a softening demand in the last few weeks of the year due to the much-publicised slowdown in new car registrations. The small Brencliffe Ltd operation moved forward to post record profits. Inorganic Chemicals With trading conditions remaining far from easy, William Blythe Ltd continued to focus upon reducing the operating cost base and this was a major factor in the company's better profitability. The timber treatment business enjoyed a record year and sales to the pharmaceutical industry were buoyant. Copper product sales were slightly disappointing, but prospects for 2000 are brighter following industry rationalisation. Suphur dioxide derivatives benefited from lower input raw material costs and improved margins to achieve a strong financial result. Tightness in the world iodine market eased in the latter part of 1999 permitting sales volumes to move forward. Dyes and Pigments Holliday Pigments Ltd and Holliday Pigments SA achieved record sales with increases in most major markets and a notably strong performance from Asian countries. US demand continued strongly culminating in sales levels comfortably ahead of the previous best. Efforts were maintained to reduce costs, with the total numbers employed falling by close to 10% year on year and this will benefit results from 2000 onwards. Investment in IT systems is bringing considerable benefits by enabling greater integration of the operations in UK and France. In addition, it is pleasing to report the commissioning of the new Flue Gas Desulphurisation plant in Hull which is exceeding all performance specifications to achieve excellent environmental results. James Robinson Ltd and James Robinson GmbH benefited from strong growth in the hair dye and photographic markets, although some stock correction by a major customer undermined trading overall. Additional hydrogenation capacity, which was commissioned mid-year is already fully utilised and a feasibility study has begun to satisfy further demand in the colour developer market. The Jarocol (TM) hair dye intermediates were augmented by the introduction of a new range of basics for use in the temporary hair dye market and by a number of key intermediates for new generation products. The withdrawal from sulphur dye production announced in December 1998 has been completed. The decommissioning of the Huddersfield sulphur dye plant has allowed a programme of site upgrade to begin, targeted at areas with strong growth potential. Restructuring was undertaken at Holliday Dyes and Chemicals Ltd in response to over capacity in the European dyestuffs sector. Despite intense competition in the textile market, targeted investment related to production efficiency has significantly improved margins and has allowed good growth in sectors where a global market position may be claimed. This has enabled losses to be substantially reduced, and continued progress towards profitable operation is expected in the current year. Inks and Dispersions The French inks business had a particularly successful year, achieving profits 20% ahead of 1998. Trading conditions were generally favourable in France with its major market, which serves the packaging industry, enjoying good demand. The dispersions businesses in UK and France both suffered from continued consolidation within the industry. Despite this, both companies were profitable last year and the recent appointment of an experienced managing director to run the combined operations will increase management focus and create new business opportunities. In all of the dispersions and inks operations, considerable management effort was devoted to replacing non-Y2K compliant systems. This was successfully achieved with the full benefits being realised in the year ahead. BUILDING PRODUCTS 1999 1998 Turnover 103,545 95,328 Operating profit 7,719 7,663 1999 saw a mixed performance from our building products companies. The European businesses continued to progress well, achieving good growth and profit performance. In the UK more difficult market conditions required some of our businesses to re-focus their activities and this inevitably had a short-term effect upon their performance. Nevertheless, all businesses finished the year with strong order books and order intake, providing a good platform for the year 2000. Rooflights Bik Bouwprodukten BV, our company in the Netherlands, achieved a record year both in terms of sales and profit. Good growth in the domestic market for domes was accompanied by the completion of a number of major projects in continuous rooflights. In export markets there was sustained growth, particularly in Central Europe and Bik continues to develop its role as a major European supplier of domes. Similarly good progress was achieved in Germany at Jet Kunststofftechnik GmbH. The full effect of the distribution expansion carried out in previous years was reflected in strong sales growth. Despite fluctuating market conditions resulting from changes in the ownership of competitor companies, Jet was able to maintain its margins and continue its excellent profit performance. In Ireland performance was equally strong. Williaam Cox Ireland Ltd consolidated its position as one of Eire's leading suppliers of architectural cladding and glazing, as well as developing its sales of domes and thermoforming activities. Continued good order intake enabled the company to enter 2000 with a very strong order book as the basis for another potentially excellent year. Only at Cox Building Products Ltd in the UK were results lower than expected, and the company has been engaged in re-orientating its activities towards supply of specialist building products. The introduction of the new products has taken longer than anticipated but they are now in broad distribution with major builders' merchants in UK and the outlook is much more positive. Office Products Screenbase Ltd, the UK manufacturer of office screens, turned in yet another year of solid profit performance. It successfully developed the market for its screens in Europe as well as consolidating its position as the UK's leading manufacturer in this market sector. Several exciting new products, which were introduced during the year, have been well received by the market and should provide ongoing success. At Unilock Ltd, the UK's leading supplier of office partitions, a highly competitive market place and rising costs resulting from shortage of labour in the building industry placed severe strain on margins. The company has taken measures to counteract these pressures, and both order intake and order book remain strong. Several major projects, which were won during the year, will continue through into 2000, providing the basis for an improved performance. Other Activities Kimmenade Nederland BV, our supplier of seamless roofing systems in the Netherlands, maintained its track record of controlled, profitable growth. Order intake increased despite the lack of any projects of significant size being available in the market. Margins were maintained through prudent management and the company achieved record levels of profit. A rationalisation within the UK plastic sheet distribution market, coupled with innovative marketing, helped Williaam Cox Plastics Stockholding Ltd to a significantly improved performance. Good growth in market share was achieved, enhancing the company's market position as the second largest UK distributor of thermoplastic sheets. FIVE YEAR FINANCIAL SUMMARY 1999 1998 1997 1996 1995 Turnover £000 £000 £000 £000 £000 Subsidiaries 442,433 435,966 268,574 281,069 285,771 Joint ventures 89,758 96,310 98,596 102,779 104,996 ------- ------- ------- ------- ------- Total turnover 532,191 532,276 367,170 383,848 390,767 ======= ======= ======= ======= ======= Ebitda 82,553 78,946 44,237 42,261 39,684 ======= ======= ======= ======= ======= Total operating profit (i) 66,057 63,897 38,886 37,231 34,564 Sale and termination of businesses - 19 - - - Interest payable (11,847) (12,947) (836) (780) (1,443) ------- ------- ------- ------- ------- Profit before taxation (i) 54,210 50,969 38,050 36,451 33,121 Ordinary dividends 17,246 16,842(ii) 13,082(ii) 9,157 8,086 Net cash/(borrowings) (202,374) (166,529) 8,332 (12,944) (2,671) Free cash flow before dividends 36,385 27,776 35,382 21,411 10,999 Capital expenditure including share of joint ventures 21,367 30,873 8,768 8,764 12,109 Cost of acquisitions 61,531 265,388 160 22,691 1,069 Shareholders' funds 233,768 223,130 71,870 65,821 68,609 Capital employed 238,757 227,899 77,412 73,838 78,845 Adjusted earnings per share (iii) 24.5p 24.1p 24.4p 22.7p 20.3p Dividends per share 11.2p 11.0p 10.0p 9.0p 8.0p Dividend cover 2.2 2.2 2.4 2.5 2.5 (i) Before amortisation of goodwill (ii) Adjusted for increase in 1997 dividend charged to profit in 1998. (iii) Based on attributable profit before amortisation and the sale and termination of businesses. The calculation has been revised to remove the effect of non-recurring items and the comparatives revised accordingly.

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