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Tuesday 12 March 2002

BBA GROUP PLC

PRELIMINARY RESULTS FOR THE YEAR ENDED 31ST DECEMBER 2001

Preliminary results (continuing operations)

  • Sales up 3% to £1,336m (2000: £1,291m)
  • Normalised PBT* £124.2m (2000: £152.2m)
  • Earnings per share** 19.6p (2000: 28.0p).
  • Dividend maintained at 10.1p (2000: 10.1p)
  • Major improvement in free cash flow. 2001 inflow £52m (2000: outflow £41m)
  • Aviation Services: 7 per cent sales growth, strong margins at 11 per cent
    - acquisition of ASIG for $138m (July) - transforming commercial aviation operations
  • Materials Technology: sales down 2 per cent, margins at 13 per cent.
    - major productivity drive (reducing costs by more than £20m per annum by end of 2002)

* operating profit before goodwill amortisation and all exceptional items less interest. ** before goodwill amortisation and all exceptional items.

Commenting on the results, Roy McGlone, BBA Group Chief Executive, said:

"These results were achieved against a background of difficult market conditions. The Group has taken the initiative by reducing costs, forming new alliances, acquiring a number of businesses to strengthen our portfolio and gaining market share. Margins and free cash flow were strong and we are outperforming competitors in our chosen markets.

"BBA has two high quality businesses which have long-term growth potential, and which are world leaders in their markets. In 2002 we anticipate growth in both our businesses in a gradually improving market environment. We are focused on improving margins and continuing to deliver strong cash flows."

Enquiries

Roy McGlone, Chief Executive, BBA Group, (020) 7842 4900 Andrew Wood, Finance Director

Mike Smith, Brunswick Group, (020) 7404 5959

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