1st September 2005
BBA GROUP PLC
INTERIM RESULTS FOR THE HALF YEAR ENDED 30th of JUNE 2005
• Sales from continuing operations increased by 12 per cent
to £740m on a constant currency basis, with both divisions contributing
strong turnover increases.
• Underlying operating profits* from continuing operations up
9 per cent to £68m on a constant currency basis.
• Profit for the Period £54.8m (2004: £41.6m), increased
by 32 per cent including profit on disposal of Finotech.
• Underlying Profit before Tax* £55.6m (2004: £58.9m),
with 2005 impacted by a charge of £2.6m relating to IAS32/39
preference dividend costs which was not included in 2004.
• Adjusted* earnings per share 8.7p (2004: 9.2p), basic earnings
per share (unadjusted) up 36% at 12.0p (2004: 8.8p).
• Interim dividend increased by 4 per cent to 3.5p (2004: 3.35p).
• Free cash flow** £16.9m (2004: £42.3m), predominantly
timing. Significant improvement expected in the second half of the
year.
• Aviation strong performance: sales grew by 10 per cent to
£417m and underlying operating profits by 21 per cent to £48m
(on a constant currency basis). Operating margins improved by 1 per
cent to 11.5 per cent.
• Today we are announcing the acquisition of two further aviation
bases at Le Bourget in France and Cape Town in South Africa for a
total consideration of £9m.
• Materials Technology: sales grew by 15 per cent (on a constant
currency basis), operating profits and margins were impacted by increased
raw material costs leaving underlying operating profits £3m
lower. Sale of 40 per cent interest in Finotech joint venture for
£46m resulted in profit on disposal of £23m.
• Net debt £566m (2004 Year End: £512m) does not
include the £46m proceeds from Finotech sale which was received
in early July.
2005
Interim Results Presentation, 1st September 2005