Fiberweb plc Preliminary Results 2009
5 March 2010
Fiberweb plc, the international nonwoven fabrics producer, announces its preliminary results for the year ended 31 December 2009.
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Financial Highlights
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£ millions (unless otherwise stated)
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2009
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2008
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Results from underlying(1) operations:
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Revenue
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454.2
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512.8
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Underlying(1) Operating Profit
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23.1
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18.8
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Underlying(1) Profit before Tax
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11.1
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9.0
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Adjusted(2) Earnings per Share
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9.7p
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7.4p
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Results after restructuring and other non-recurring items:
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Operating Profit/(Loss)
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5.9
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(15.4)
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Basic Earnings/(Loss) per share
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0.4p
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(18.0)p
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Net Debt
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136.6
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149.9
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Highlights
- Fifth consecutive half-year of improvement in underlying operating margin: H2 09 5.8%; H1 09 4.4% (FY09: 5.1%; FY08: 3.7%)
- 23% increase in underlying operating profit to £23.1 million (2008: £18.8 million)
- 31% increase in adjusted earnings per share of 9.7p (2008: 7.4p)
- First full year of profitability from continuing operations since 2005 at £5.9 million, marking the successful conclusion of major restructuring
- Second consecutive year of substantial working capital reduction: inflow of £15.3 million (2008: £17.7 million)
- Completion of the $200 million sales 50/50 FitesaFiberweb Joint Venture bringing expansion to higher-growth South America and reinvestment in North America
- Final dividend maintained at 2.5p, making a full year payment of 4.2p
(1) Underlying profit measures are before restructuring charges and other non-recurring items, as set out in the Consolidated Income Statement and note 4
(2) Adjusted to exclude restructuring charges and other non-recurring items as described in note 4
Commenting on the results, Malcolm Coster, Chairman, said:
“The success of the restructuring actions of the past three years is apparent in these strong 2009 results and the Board believes that this marks the end of the turnaround phase for the Company. Fiberweb is very well positioned to make further progress in today’s challenging markets and, through innovation and investment, to capitalise on the eventual upturn in construction and industrial markets.”
Daniel Dayan, Chief Executive Officer, added:
“We delivered strategic and operational progress in both the industrial and hygiene divisions in 2009, enabling further steady margin progression during the year. Hygiene demonstrated its defensive characteristics, benefiting from recent investment and a strong first five month’s trading from the FitesaFiberweb JV with especially good volumes in Brazil and Mexico. Industrial suffered from weak volumes, as expected, but saw margin expansion from innovation and improved efficiencies.
The economic outlook remains uncertain, but we have taken significant measures over the past three years to build a robust business that can deliver growth and increased profitability.“
-ENDS-
Contacts
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Fiberweb plc
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(5.3.10) 0207 067 0700
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Daniel Dayan, Chief Executive
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Thereafter 0208 439 8594
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Daniel Abrams, Chief Financial Officer
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Weber Shandwick Financial
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0207 067 0700
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Terry Garrett/ Nick Dibden/ Katie Matthews
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The presentation of this Preliminary Results Announcement will be broadcast and made available later today on the Group’s website: www.fiberweb.com