Latest Results
Interim Results for the six months ended 31 March 2010
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| Unaudited | Unaudited | Audited | |
| Six months ended 31 March 2010 |
Six months ended 31 March 2009 |
Year ended 30 Sept 2009 |
|
| £m | £m | £m | |
| Revenue | 86.2 | 80.3 | 160.0 |
| Operating profit(1) | 14.6 | 11.9 | 25.6 |
| Operating margin(1) | 16.9% | 14.8% | 16.0% |
| Adjusted profit before tax(1),(2),(3) | 14.6 | 12.0 | 25.5 |
| Profit before tax | 11.3 | 9.3 | 20.5 |
| Free cash flow(3) | 16.6 | 6.8 | 23.5 |
| Pence | Pence | Pence | |
| Adjusted earnings per share(1),(2),(3) | 8.4 | 6.9 | 14.8 |
| Basic earnings per share | 5.7 | 4.7 | 10.8 |
| Interim dividend per share | 2.8 | 2.5 | 7.8 |
The results of the discontinued business of Anachem have been excluded from the analyses presented above.
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- Revenue increased by 7% with an improving trend into the second quarter.
- Adjusted profit before tax increased by 22% and benefited from the successful cost reduction programmes implemented during the first half of FY2009.
- After adjusting for currency effects and acquisitions, underlying revenue and operating profits increased by 4% and 17% respectively.
- Sale of Anachem MLH and Instruments businesses completed.
- Free cash flow of £16.6m, including net proceeds of £6.3m on sale of business; cash funds at 31 March 2010 of £28.4m.
- Interim dividend increased 12% to 2.8p per share.
Commenting on the results for the period, Bruce Thompson, Diploma's Chief Executive said:
"The improving trend in trading activity in most of the Group's market segments continues to gain momentum. This, together with a more favourable environment for acquisitions, provides the Board with confidence that the Group should continue to make progress in the second half of the year."
Half Year Review to 31 March 2010
In the first half of 2010, the Group's markets have stabilised and there are now signs of an underlying increase in trading activity across most market segments, which has become more evident in the second quarter.
The Group's revenues increased by 7% over the comparable period. The results benefited from the acquisition of RTD Seals in January 2009 and there were also modest net benefits on the translation into UK sterling of the results of the overseas businesses. On an underlying basis, after adjusting for currency effects and acquisitions, Group revenues increased by 4%.
There were continuing gains to profitability from cost reductions implemented in the first half of the 2009 financial year. As a result, operating profits increased by 23% over the comparable period, with operating margins increasing strongly to 16.9%. Adjusting for both currency effects on translation and acquisitions, underlying operating profits increased by 17%.
Free cash flow for the period was £16.6m (2009: £6.8m), including net proceeds of £6.3m received on completion of the sale of the Manual Liquid Handling ("MLH") business of Anachem; the Group ended the period with cash funds of £28.4m. The strong balance sheet and continuing cash flow provide the resources to exploit the increasing number of acquisition opportunities which are now starting to emerge in an improving market.
RESULTS AND DIVIDENDS
In the six months ended 31 March 2010, Group revenue increased by 7% to £86.2m (2009: £80.3m). Operating profit, before the amortisation of acquisition intangible assets, increased by 23% to £14.6m (2009: £11.9m). Operating margins increased to 16.9%, compared to 14.8% in the prior year comparable period.
Adjusted profit before tax increased by 22% to £14.6m (2009: £12.0m). On an IFRS basis, profit before tax also increased by 22% over the comparable period to £11.3m (2009: £9.3m).
Adjusted earnings per share increased by 22% to 8.4p (2009: 6.9p); basic earnings per share were 5.7p (2009: 4.7p). The Directors have declared an increased interim dividend of 2.8p per share (2009: 2.5p), payable on 16 June 2010 to shareholders on the register on 21 May 2010.
In January 2010, the Group completed the disposal of the MLH business of Anachem for initial cash proceeds of £7.7m, before expenses. The results of Anachem are classified as discontinued and the results of the comparable period have been restated accordingly. The contribution to profit after tax from the discontinued business was £5.2m and included a profit on disposal of the business of £5.6m.
OPERATING REVIEW
Life Sciences
The Diploma Life Sciences businesses are suppliers of consumables, instrumentation and related services to clinical, environmental and industrial applications.
| Half Year | |||
| 2010 | 2009 | ||
| Revenue | £26.9m | £24.4m | +10% |
| Operating profit | £5.9m | £4.6m | +28% |
| Operating margin | 21.9% | 18.9% | |
Life Sciences sector revenues in the first half of the year increased by 10% over the prior year comparable period. The results benefited on translation from the stronger Canadian dollar, relative to UK sterling; adjusting for these currency effects, sector revenues increased by 3%. On a transaction basis, the strengthening of the Canadian dollar relative to the US dollar had a positive effect on gross margins in the Canadian businesses. This, together with the reduced cost base in the a1-group following its 2009 restructuring, resulted in an increase in sector operating margins to 21.9% (2009: 18.9%).
The DCHI healthcare businesses in Canada continued to make progress in a market where overall public funding remains steady; however, opportunities are somewhat constrained by lengthy tender processes and limits set by individual Provinces on the number and cost of specific medical procedures in important jurisdictions such as British Columbia and Ontario. Against this background, total DCHI revenues grew by 4% in Canadian dollars, which translates to an increase of 14% in UK sterling terms.
In AMT, sales of consumable products used in electrosurgery procedures have shown good growth, with increasing volumes of the core smoke evacuation products sold into existing and new accounts. There has also been good penetration of these accounts with a broader range of surgical products such as disposable scissor tips and clips. In the GI/Endoscopy business, sales of capital equipment have been strong and have included the first sale of a new instrument to treat Barrett's oesophagus, an early stage of oesophageal cancer. Sales of flexible endoscopic instruments have also grown strongly.
In Somagen, there has been continued growth in revenues from consumable products supplied to hospital pathology laboratories under longer term reagent rental contracts. Increased sales of products from the core suppliers have largely offset the reduced sales of test kits from the discontinued Biosite supplier. Sales of capital equipment have been slower due to capital expenditure constraints and extended tender processes.
In Europe, the a1-group experienced a 2% increase in revenues. The analyser and containment business saw good growth in Switzerland and France, with the improving performance underpinned by large projects for the supply of engineered enclosures for major pharmaceutical industry customers. In the UK, growth has been more modest and in Germany revenues reduced, but against a strong prior year comparative. CBISS continues to experience deferrals in decisions on major continuous emissions monitoring systems ("CEMS") projects and therefore has relied on smaller project work (standby systems, upgrades and replacement units) as well as service revenues.
Seals
The Diploma Seals businesses are suppliers of hydraulic seals, gaskets, cylinders and attachment kits used in heavy mobile and industrial machinery.
| Half Year | |||
| 2010 | 2009 | ||
| Revenue | £26.3m | £23.7m | +11% |
| Operating profit | £3.2m | £2.5m | +28% |
| Operating margin | 12.2% | 10.5% | |
Seals sector revenues in the first half of the year increased by 11% over the prior year comparable period. The results benefited from a full half year contribution from RTD Seals, acquired in January 2009 and this more than offset the negative impact on translation of a weaker US dollar, relative to UK sterling. Adjusting for currency effects and acquisitions, sector revenues increased by 7%. When the market downturn impacted the North American and UK businesses in the first half of the 2009 financial year, the businesses acted quickly to reduce operating costs in line with the reduction in revenue. The positive impact of these cost reduction programmes can now be seen in the operating margins, which have increased to 12.2% (2009: 10.5%).
The HFPG group of businesses, predominantly based in North America, saw revenues increase by 22% in US dollar terms over the comparable period. The core Hercules business, with its focus on the Aftermarket, demonstrated its resilience during the market downturn and suffered less revenue reduction than other segments of the business. As a result, the recovery has been less marked, with revenues increasing by 2% over the comparable half year. However, there has been an improving trend over the period, with an increase in second quarter revenues following a fall in the first quarter.
The stronger recovery has been seen in those businesses supplying to industrial OEMs and construction equipment dealers, which were more severely impacted by the market downturn. The Bulldog and HKX businesses together have increased revenues by 7% in the half year, again with strong second quarter growth, following a fall in first quarter revenues.
RTD Seals was acquired in January 2009, at a time when it was significantly impacted by the downturn in industrial OEM demand. In common with the other HFPG businesses, RTD reacted well to the severe downturn by reducing operating costs and inventory; additional benefits came from integrating finance and other administrative functions into HFPG. Demand from key industrial OEM customers has now recovered and revenues have rebounded strongly at RTD Seals, particularly in the second quarter. In order to respond to this increasing demand, the sales and engineering teams have now been strengthened through selective recruitment.
In the UK, FPE's revenues recovered well and in Scandinavia, M Seals began to see a good improvement in customer enquiry levels. On a combined basis, there was a small increase of 1% in revenues relative to the prior year comparable period. However, sales improved by 9% relative to the second half of the 2009 financial year, reflecting the fact that the market downturn did not impact Continental Europe until the second half of the year.
Controls
The Diploma Controls businesses are suppliers of specialised wiring, connectors, fasteners and control devices used in a range of technically demanding applications.
| Half Year | |||
| 2010 | 2009 | ||
| Revenue | £33.0m | £32.2m | +2% |
| Operating profit | £5.5m | £4.8m | +15% |
| Operating margin | 16.7% | 14.9% | |
Controls sector revenues in the first half of the year increased by 2% over the prior year comparable period; this growth rate is broadly the same on a constant currency basis, as the Euro has shown little change relative to UK sterling in the comparable periods. Again, cost reduction programmes, implemented in the UK businesses in the first half of the 2009 financial year and in the German businesses in the second half, have contributed to an increase in operating margins to 16.7% (2009: 14.9%).
The UK Controls businesses increased revenues by 4% over the comparable period. The IS Group's sales to the Defence sector have remained robust, as funding for military ground vehicles in support of current active operations has remained a priority. Sales to the Motorsport sector have also been strong as teams utilised their budgets during the build stage of the season; demand for Clarendon's fastener products have made an exceptional contribution to this performance. Hawco has also seen good growth from its focus on Calibration Services and on Refrigeration, where Hawco is now a preferred supplier to a number of major food retailing groups in supplying products for their chilling systems. By contrast, revenues from other core market segments including Aerospace (both civil and military), Energy and general Industrial have under-performed.
The German Controls businesses saw revenues decrease by 1% over the comparable period. However, there was a 5% improvement relative to the second half of the 2009 financial year, again reflecting the fact that the market downturn did not impact Continental Europe until the second half of the year. The general Industrial sector has recovered quicker than anticipated and sales to the Medical sector have also remained strong. However, Motorsport sales in Germany have been severely impacted by the withdrawal of the Toyota and BMW teams from Formula 1. The Defence and Aerospace sectors produced a mixed performance with strong sales to the Manpack radio and the Tiger helicopter projects, but with certain military programmes deferred or delayed and weaker demand in general for civil aerospace projects.
FINANCE
Free cash flow
The Group generated free cash flow of £16.6m (2009: £6.8m) from the continuing businesses, which includes £6.3m of net proceeds received from the sale of the Anachem business. The strong cash flow also benefited from the significant improvement in trading, together with a continuing focus on containing working capital at a similar level to that achieved at 30 September 2009. A small inflow of £0.3m from a reduction in working capital contributed to Group working capital remaining at ca. 17% of revenue. Tax payments in the first half were £0.7m below the comparable period last year at £4.9m. Capital expenditure was also well below 2009 at £0.5m (2009: £1.0m), following the completion of Phase 1 of the warehouse automation project in the Seals business in Clearwater in the second half of last year.
Acquisitions and disposals
The Group completed the disposal of the MLH business of Anachem (as reported in last year's Annual Report) on 7 January 2010. Cash proceeds of £7.7m were received on completion, of which £0.7m will be held in escrow until July 2011. On 29 April 2010, the Group completed the sale of Anachem Instruments Limited to its management for consideration of £0.4m, of which £0.1m was received on completion. Deferred consideration of £0.4m was agreed with the vendors of Meditech and RT Dygert in respect of the settlement of their respective performance payments; £0.3m has been paid during the period ended 31 March 2010 and the balance will be paid shortly.
Net cash funds
Cash funds at 31 March 2010 were £28.4m, compared with £21.3m at 30 September 2009. The increase in funds of £7.1m included net proceeds of £6.3m on the sale of the Anachem business; dividends of £7.1m (2009: £6.3m) were paid during the period.
The Group retains a committed multicurrency credit facility of £20.0m which is due to expire in November 2010. A replacement committed credit facility will be finalised before the Group's full year results are announced in November 2010.
Exchange rates
With over 70% of the Group's revenues generated from businesses located outside the UK, the volatility in exchange rates continues to effect the Group's results. In the six months ended 31 March 2010, revenue and operating profits have increased by £0.5m and £0.4m respectively, from the translation of the results of the Group's overseas businesses.
On a transactional basis, margins earned in the Canadian Healthcare businesses have benefited in particular from the impact of the appreciation of the Canadian dollar on products purchased in US dollars and Euros. In the UK businesses, the weakness in UK sterling is an ongoing challenge to managing gross margins. The overall effect of currency movements on margins earned by these businesses is partly mitigated by forward foreign exchange contracts.
Related party transactions
On 12 January 2010 the Group acquired the remaining 8.2% of the outstanding shares in Somagen from the minority shareholders for consideration of £2.5m. These shares were acquired following the exercise of put/call options, agreed at the time of acquisition in July 2004. In connection with this transaction, an exceptional dividend was declared which resulted in a payment of £0.5m to the minority shareholders of Somagen. A further dividend of £0.6m was paid to the minority shareholders in AMT and M Seals. The minority shareholders of these companies are also directors and employees of Somagen, AMT and M Seals, respectively; accordingly these payments represent related party transactions. There were no other related party transactions or changes in related party transactions described in last year's Annual Report, that could have a material effect on the financial position or performance of the Group during the six months ended 31 March 2010.
RISKS AND UNCERTAINTIES
The risks and uncertainties which may have the largest impact on performance in the second half of the year are the same as those described in detail in pages 22-25 of the 2009 Annual Report. In summary these are:
- Strategic risks - a downturn in major markets, loss of key suppliers and customers, technological change, product liability and loss of key personnel;
- Operational risks - major damage to premises, loss of IT systems and disruption by service providers; and
- Financial risks - foreign currency risk, bad debts and inventory obsolescence, credit, interest and liquidity risk, fraud and theft.
It should be recognised that additional risks not currently known to management, or risks that management currently regard as immaterial, could also have a material adverse effect on the Group's financial condition or the results of operations.
CURRENT TRADING
The improving trend in trading activity in most of the Group's market segments continues to gain momentum. This, together with a more favourable environment for acquisitions, provides the Board with confidence that the Group should continue to make progress in the second half of the year.
BM Thompson
Chief Executive Officer
10 May 2010
Responsibility Statement of the Directors in respect of the Interim Report 2010
We confirm that to the best of our knowledge:
- the condensed set of consolidated financial statements has been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU; and
- the Interim Report includes a fair review of the information required by:
- DTR4.2.7R of the Disclosure and Transparency Rules, being an indication of the important events that have occurred during the first six months of the financial year and their impact on the condensed set of consolidated financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
- DTR4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last Annual Report that could do so.
The Directors of Diploma PLC and their respective responsibilities are listed in the Annual Report for 2009. There have been no changes in the period.
| By Order of the Board | |
| BM Thompson | NP Lingwood |
| Chief Executive Officer | Group Finance Director |
| 10 May 2010 | 10 May 2010 |
Condensed Consolidated Income Statement
for the six months ended 31 March 2010
| Unaudited | Unaudited | Audited | ||
| Continuing businesses | Note | 31 March 2010 £m |
31 March 2009 £m |
30 Sept 2009 £m |
| Revenue | 3 | 86.2 | 80.3 | 160.0 |
| Cost of sales | (54.3) | (51.6) | (101.7) | |
| Gross profit | 31.9 | 28.7 | 58.3 | |
| Distribution costs | (2.1) | (2.2) | (4.1) | |
| Administration costs | (16.8) | (16.0) | (31.7) | |
| Operating profit, before amortisation of acquisition intangible assets | 3 | 14.6 | 11.9 | 25.6 |
| Amortisation of acquisition intangible assets | (1.6) | (1.4) | (3.1) | |
| Operating profit | 3 | 13.0 | 10.5 | 22.5 |
| Finance expense, net | 4 | (1.7) | (1.2) | (2.0) |
| Profit before tax | 11.3 | 9.3 | 20.5 | |
| Tax expense | 5 | (4.2) | (3.4) | (7.1) |
| Profit for the period from continuing businesses | 7.1 | 5.9 | 13.4 | |
| Profit from discontinued business | 10 | 5.2 | 0.3 | 0.9 |
Profit for the period |
12.3 | 6.2 | 14.3 | |
Attributable to: |
||||
| Shareholders of the Company | 11.6 | 5.6 | 13.0 | |
| Minority interests | 0.7 | 0.6 | 1.3 | |
| 12.3 | 6.2 | 14.3 | ||
| Earnings per share | ||||
| Basic and diluted earnings - continuing | 6 | 5.7p | 4.7p | 10.8p |
| Basic and diluted earnings - discontinued | 6 | 4.6p | 0.3p | 0.8p |
| Basic and diluted earnings - continuing and discontinued | 6 | 10.3p | 5.0p | 11.6p |
| Alternative Performance Measures (note 2) | 31 March 2010 | 31 March 2009 | 30 Sept 2009 |
||
| Note | £m | £m | £m | ||
| Profit before tax | 11.3 | 9.3 | 20.5 | ||
| Add: | Amortisation of acquisition intangible assets | 1.6 | 1.4 | 3.1 | |
| Fair value remeasurements | 4 | 1.7 | 1.3 | 1.9 | |
| Adjusted profit before tax - continuing | 14.6 | 12.0 | 25.5 | ||
Adjusted earnings per share - continuing |
6 | 8.4p | 6.9p | 14.8p | |
Condensed Consolidated Balance Sheet
as at 31 March 2010
| Unaudited 31 March 2010 |
Unaudited 31 March 2009 |
Audited 30 Sept 2009 |
||
| Note | £m | £m | £m | |
| Non-current assets | ||||
| Goodwill | 65.7 | 63.7 | 59.6 | |
| Acquisition intangible assets | 20.8 | 18.7 | 21.2 | |
| Other intangible assets | 0.8 | 1.1 | 0.8 | |
| Property, plant and equipment | 11.4 | 12.8 | 11.6 | |
| Deferred tax assets | 2.2 | 1.5 | 2.1 | |
| 100.9 | 97.8 | 95.3 | ||
| Current assets | ||||
| Inventories | 29.7 | 37.1 | 28.0 | |
| Trade and other receivables | 29.7 | 30.6 | 25.2 | |
| Assets held for sale | 10 | 1.3 | - | 5.4 |
| Cash and cash equivalents | 28.4 | 10.4 | 21.3 | |
| 89.1 | 78.1 | 79.9 | ||
| Current liabilities | ||||
| Trade and other payables | (29.1) | (26.3) | (23.3) | |
| Current tax liabilities | (1.5) | (1.4) | (1.8) | |
| Other liabilities | 9 | (9.2) | (2.8) | (3.1) |
| Liabilities associated with assets held for sale | 10 | (1.1) | - | (3.5) |
| Borrowings | - | (4.9) | - | |
| (40.9) | (35.4) | (31.7) | ||
| Net current assets | 48.2 | 42.7 | 48.2 | |
| Total assets less current liabilities | 149.1 | 140.5 | 143.5 | |
| Non-current liabilities | ||||
| Retirement benefit obligations | (4.0) | (1.6) | (4.7) | |
| Other liabilities | 9 | (3.2) | (10.3) | (10.6) |
| Deferred tax liabilities | (3.9) | (5.0) | (4.1) | |
Net assets |
138.0 | 123.6 | 124.1 | |
Equity |
||||
| Share capital | 5.7 | 5.7 | 5.7 | |
| Translation reserve | 25.4 | 20.0 | 18.7 | |
| Hedging reserve | (0.5) | 2.4 | 0.3 | |
| Retained earnings | 105.0 | 93.3 | 96.7 | |
| Total shareholders' equity | 135.6 | 121.4 | 121.4 | |
| Minority interests | 2.4 | 2.2 | 2.7 | |
Total equity |
138.0 | 123.6 | 124.1 |
Condensed Consolidated Statement of Comprehensive Income
for the six months ended 31 March 2010
| Unaudited 31 March 2010 |
Unaudited 31 March 2009 |
Audited 30 Sept 2009 |
|
| £m | £m | £m | |
| Profit for the period | 12.3 | 6.2 | 14.3 |
| Exchange rate adjustments on foreign currency net investments | 6.7 | 12.0 | 10.7 |
| (Losses)/gains on fair value of cash flow hedges | (0.8) | 1.7 | (0.4) |
| Actuarial losses on defined benefit pension schemes | - | - | (3.1) |
| Deferred tax on items recognised in equity | 0.2 | (0.5) | 1.0 |
| Other comprehensive income for the period | 6.1 | 13.2 | 8.2 |
| Total comprehensive income for the period | 18.4 | 19.4 | 22.5 |
Attributable to: |
|||
| Shareholders of the Company | 17.8 | 18.6 | 21.2 |
| Minority interests | 0.6 | 0.8 | 1.3 |
| 18.4 | 19.4 | 22.5 |
Condensed Consolidated Changes in Shareholders' Equity
For the six months ended 31 March 2010
| Share capital | Translation reserve | Hedging reserve | Retained earnings | Total | ||
| Note | £m | £m | £m | £m | £m | |
| At 1 October 2008 | 5.7 | 8.0 | 0.7 | 93.7 | 108.1 | |
| Total comprehensive income | - | 12.0 | 1.7 | 4.9 | 18.6 | |
| Share-based payments expense | - | - | - | 0.3 | 0.3 | |
| Dividends | - | - | - | (5.6) | (5.6) | |
| At 31 March 2009 | 5.7 | 20.0 | 2.4 | 93.3 | 121.4 | |
| Total comprehensive income | - | (1.3) | (2.1) | 6.0 | 2.6 | |
| Share-based payments expense | - | - | - | 0.2 | 0.2 | |
| Dividends | - | - | - | (2.8) | (2.8) | |
| At 30 September 2009 | 5.7 | 18.7 | 0.3 | 96.7 | 121.4 | |
| Total comprehensive income | ‑ | 6.7 | (0.8) | 11.9 | 17.8 | |
| Share-based payments expense | - | - | - | 0.3 | 0.3 | |
| Purchase of minority interests | 8 | - | - | - | 2.5 | 2.5 |
| Purchase of own shares | - | - | - | (0.4) | (0.4) | |
| Dividends | - | - | - | (6.0) | (6.0) | |
At 31 March 2010 |
5.7 | 25.4 | (0.5) | 105.0 | 135.6 |
Condensed Consolidated Cash Flow Statement
for the six months ended 31 March 2010
| Unaudited | Unaudited | Audited | ||
| 31 March 2010 |
31 March 2009 |
30 Sept 2009 |
||
| Continuing businesses | Note | £m | £m | £m |
| Cash flows from operating activities | ||||
| Cash flow from operations | 7 | 16.1 | 13.3 | 34.2 |
| Finance income received, net | - | 0.1 | - | |
| Tax paid | (4.9) | (5.6) | (9.0) | |
| Net cash from operating activities | 11.2 | 7.8 | 25.2 | |
| Cash flows from investing activities | ||||
| Acquisition of subsidiaries (net of cash acquired) | 8 | (2.8) | (12.3) | (12.2) |
| Disposal of subsidiary (net of cash disposed) | 6.3 | - | - | |
| Purchase of property, plant and equipment | (0.4) | (1.0) | (1.4) | |
| Purchase of other intangible assets | (0.1) | - | (0.3) | |
| Net cash from/(used in) investing activities | 3.0 | (13.3) | (13.9) | |
| Cash flow from financing activities | ||||
| Dividends paid to shareholders | (6.0) | (5.6) | (8.4) | |
| Dividends paid to minority interests | (1.1) | (0.7) | (0.7) | |
| Purchase of own shares | (0.4) | - | - | |
| Proceeds from borrowings | - | 4.7 | - | |
| Net cash used in financing activities | (7.5) | (1.6) | (9.1) | |
| Net cash flow (used in)/from discontinued business | 10 | (0.7) | 0.3 | 1.7 |
| Net increase/(decrease) in cash and cash equivalents | 6.0 | (6.8) | 3.9 | |
| Cash and cash equivalents at beginning of period | 21.3 | 15.7 | 15.7 | |
| Effect of exchange rates on cash and cash equivalents | 1.1 | 1.5 | 1.7 | |
Cash and cash equivalents at end of period |
28.4 | 10.4 | 21.3 |
| Alternative Performance Measures (note 2) | 31 March 2010 |
31 March 2009 |
30 Sept 2009 |
|||
| £m | £m | £m | ||||
| Net increase/(decrease) in cash and cash equivalents | 6.0 | (6.8) | 3.9 | |||
| Add: | Dividends paid to shareholders | 6.0 | 5.6 | 8.4 | ||
| Dividends paid to minority interests | 1.1 | 0.7 | 0.7 | |||
| Acquisition of subsidiaries (net of cash acquired) | 2.8 | 12.3 | 12.2 | |||
| Less: | Proceeds from borrowings | - | (4.7) | - | ||
| Free cash flow - continuing and discontinued | 15.9 | 7.1 | 25.2 | |||
| Less: | Free cash flow - discontinued | 0.7 | (0.3) | (1.7) | ||
| Free cash flow - continuing | 16.6 | 6.8 | 23.5 | |||
Notes
The notes to these accounts with the full results are available to view and download in PDF format.