IMS FOR THE PERIOD FROM 1 JAN 2013
25 April 2013
FILTRONA PLC
("Filtrona" or "the Company")
A leading international supplier of speciality plastic, fibre and foam products
INTERIM MANAGEMENT STATEMENT FOR THE PERIOD FROM 1 JANUARY 2013
CONTINUED STRONG MOMENTUM IN Q1
WELL-POSITIONED TO DELIVER FURTHER BALANCED GROWTH IN FY 2013
Company Financial Performance
During the first quarter1 of 2013, the Company's performance was in line with the Board's expectations. Revenue was ahead +12% versus Q1 2012 ("comparable period" 1) at both constant and actual FX rates: like-for-like ("LFL" 2) growth was +9%.
Divisional Overview
|
Revenue versus comparable period |
% change Actual FX |
% change Constant FX |
|
Component & Protection Solutions |
+2% |
+1% |
|
- LFL |
+2% |
+1% |
|
Porous Technologies3 |
+24% |
+23% |
|
- LFL |
+4% |
+3% |
|
Coated & Security Products |
+9% |
+9% |
|
Filter Products |
+22% |
+22% |
|
Other4 |
-3% |
-4% |
|
Total Company |
+12% |
+12% |
|
- LFL |
+9% |
+9% |
1 Being the period from 1 January 2013 to 30 March 2013 (comparable period being 1 January 2012 to 31 March 2012)
2 Like-for-like revenue is adjusted to exclude the impact of acquisitions, disposals and foreign exchange, but includes the impact of Porous Technologies Korea and Securit card solutions as they are no longer separately identifiable
3 Includes intercompany revenue
4 "Other" relates to the Enitor plastic profile extrusion business in The Netherlands
As anticipated, the performance in Component & Protection Solutions was adversely impacted by the strong prior year comparative for the pipe protection technologies business of MSI, where growth is expected to be weighted towards the second half of the year. The increase in Porous Technologies was led by Printer Systems, while growth in Coated & Security Products (including Speciality Tapes) was broad-based across the division. The result in Filter Products was driven by both volume growth and a positive mix effect.
Acquisition of Contego Healthcare Limited
As previously announced on 19 March 2013, the Company signed an agreement for the acquisition of 100% of the share capital of Contego Healthcare Limited ("Contego") for a consideration of approximately £160m on a cash free, debt free basis. Completion of the transaction is conditional upon, among other things, clearance from the German competition authorities which has been received.
On the same day, Filtrona also successfully completed the placing of a total of 21,142,613 new ordinary shares of 25 pence each (the "Placing Shares") at a price of 675 pence per Placing Share, raising gross proceeds of approximately £142.7m. The Placing Shares issued represented approximately 9.99% of the issued ordinary share capital of the Company prior to the placing.
Annual General Meeting
The Annual General Meeting of the Company is being held today at 12 noon.
Commenting on today's Interim Management Statement, Colin Day, Chief Executive, said:
"With like-for-like growth of 9%, and total revenue ahead 12% at constant exchange, Filtrona saw continued strong momentum in the first quarter. The Company also made further good progress with the integration of recent transactions, and is due to complete the acquisition of Contego at end-April as expected.
Given this strong start to the year, Filtrona is well-placed to deliver further balanced growth in 2013 and is on track to achieve its Vision 2015 objectives of at least mid single-digit like-for-like revenue growth and double-digit adjusted EPS growth at constant exchange."
The Company will hold a conference call to discuss this Interim Management Statement at 08:00 (UK time) today, details of which are as follows:
|
Dial-in number: |
+44 (0)20 3139 4830 (UK / international participants) |
|
|
+1 718 873 9077 (US participants) |
|
Toll-free number: |
0808 237 0040 (UK participants) |
|
|
+1 866 928 7517 (US participants) |
|
PIN code: |
84524939# |
|
|
|
|
Replay number: |
+44 (0)20 3426 2807 (UK / international participants) |
|
Toll-free number: |
0808 237 0026 |
|
Replay access code: |
638561# |
|
Replay available: |
For 1 month |
Enquiries
|
Filtrona plc Joanna Speed, Corporate Affairs Director Tel: 01908 359 100 |
Buchanan Richard Oldworth Jeremy Garcia Tel: 020 7466 5000 |
Notes to Editors:
About Filtrona plc
Filtrona plc is a FTSE 250 company and a leading international supplier of speciality plastic, fibre and foam products. Through its four principal operating divisions, Filtrona focuses on the light manufacture and distribution of high volume, essential components which serve customers in a wide variety of end-markets and geographies.
Component & Protection Solutions
Component Distribution is a global market leading manufacturer and distributor of plastic injection moulded, vinyl dip moulded and metal items. Operating units in 23 countries serve a very broad industrial base of customers with a rapid supply of primarily plastic products for a variety of applications in industries such as hydraulics, pneumatics, electrical controls and construction.
The Pipe Protection Technologies business specialises in the manufacture of high performance innovative products from commodity resins to engineering-grade thermoplastics and polymer alloys for use in a range of end-markets. Locations in four countries, combined with a wide distributor network, serve customers around the world.
Porous Technologies
A global market leading developer and manufacturer of custom fluid handling components, engineered from a portfolio of technologies that includes bonded and non-woven fibre, polyurethane foam and porous plastic. Representing leading innovations used in healthcare, consumer and industrial applications, its enabling components are found in a wide range of products from medical diagnostics tests to advanced wound care pads, inkjet printer cartridges, writing instruments, clean room wipes and air fresheners. Customers in over 56 countries are served from six manufacturing facilities with research and development centres supporting the division globally.
Coated & Security Products
The global market leading producer of high quality self-adhesive tear tape and a growing supplier of speciality tapes, fasteners and labels for the consumer and specialist packaging, point of sale and paper and board industries. The division is also a leading supplier of authentication technologies and identity solutions. Customers in over 100 countries are served from facilities operating in five countries.
Filter Products
The only global independent cigarette filter supplier. The nine worldwide locations, including a UK-based research facility and three regional development centres provide a flexible infrastructure strategically positioned to serve the tobacco industry. The division supplies a wide range of value adding high quality innovative filters, packaging solutions to the roll your own sector and analytical laboratory services for ingredient measurement for the industry.
Other
Enitor BV is a leading custom profile extruder located in The Netherlands and offers a complete design and production service. One of the first companies to extrude plastics in 1956, Enitor is now one of Europe's most advanced suppliers of co-extrusions and tri-extrusions to all branches of industry.
Headquartered in the United Kingdom, Filtrona's global network extends to 28 countries and includes c. 4,100 employees, 32 principal manufacturing facilities, 64 sales & distribution operations and 5 research & development centres.
For further information, please visit www.filtrona.com www.filtrona.com
This information is provided by RNS
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