SOURCE: API Group PLC

December 03, 2014 02:00 ET

API Group plc ("API" or the "Group") Announces Interim Results

STOCKPORT, UNITED KINGDOM--(Marketwired - Dec 3, 2014) - API Group plc (LSE: API), a leading manufacturer of specialist foils and packaging materials, announces its interim results for the six months ended 30 September 2014.

Highlights

  • Revenues of £56.4m, compared to £56.9m for first half last year; 1.6% ahead at constant exchange rates
  • Operating profits, before exceptional items, £2.8m (2013: £3.5m)
  • No exceptional items (2013: £0.3m)
  • Profit before tax £2.3m (2013: £2.9m pre-exceptional, £2.6m post-exceptional)
  • Underlying diluted earnings per share 2.4p (2013: 3.8p)
  • Interim dividend increased by 7% to 0.75p, reflecting confidence in Group's cash flow and prospects
  • Laminates and Foils Europe profits unchanged. Contribution from Holographics turnaround offset by swing into losses at Foils Americas on significantly reduced shipments to metallic pigment customers
  • Capital additions of £3.2m (2013: £2.0m) to increase capacity and capability in foils
  • Net debt of £5.7m (2013: £5.6m)

Commenting on the results, Andrew Turner, Group Chief Executive of API Group plc, said:
"The downturn in the US foils business materially impacted the Group's results for the half year. The positives are the strong revenue performance at Laminates and resilience at Foils Europe in the face of sluggish markets on the Continent, as well as the profit turnaround at Holographics. 

"Against a background of tough current trading, the on-going capital investment programme in the foils businesses is designed to increase capacity and efficiency, extend product capabilities and improve longer term prospects for growth."

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http://www.rns-pdf.londonstockexchange.com/rns/6741Y_1-2014-12-2.pdf

This information is provided by RNS
The company news service from the London Stock Exchange

Contact Information

  • For further information:
    API Group plc

    Andrew Turner, Group Chief Executive
    Chris Smith, Group Finance Director
    Tel: +44 (0) 1625 650 334
    www.apigroup.com

    Numis Securities (Broker)
    James Serjeant
    Tel: +44 (0) 20 7260 1000
    www.numis.com

    Cairn Financial Advisers (Nominated Adviser)
    Tony Rawlinson / Avi Robinson
    Tel: +44 (0) 20 7148 7900
    www.cairnfin.com

    Media enquiries:
    Abchurch

    Henry Harrison-Topham / Quincy Allan
    quincy.allan@abchurch-group.com
    Tel: +44 (0) 20 7398 7710
    www.abchurch-group.com