API Group plc (AIM:API), a leading manufacturer of specialist foils and packaging materials, announces its final results for the year ended 31 March 2014.
API Group plc ,manufacturer of specialist foils and packaging materials, announces its final results.
- Revenues ahead by £2.3m (2.0%) to £114.7m (2013: £112.4m).
- Profit before tax unchanged at £5.6m (2013: £5.6m). Profit before tax of £6.3m on a pre-exceptional basis (2013: £6.6m).
- Stronger second half, with pre-exceptional profit before tax ahead by £0.5m (+15%).
- Diluted earnings per share 7.1p (2013: 7.2p). Excluding exceptional items, diluted earnings per share 7.8p (2013: 8.4p).
- Proposed final dividend of 1.3p per share, making 2.0p for the full year (2013: 0.0p).
- Cash flow from operations of £9.0m (2013: £8.6m), converted at 91% of EBITDA (2013: 86%) and a net cash inflow of £2.8m (2013: £1.2m).
- £0.2m net cash at year end (2013: net debt of £2.6m), the first time for 15 years that the Group has reported a net cash position.
- Another good performance from Laminates and further progress at Foils Europe. Holographics back to breakeven in final quarter after cost reduction measures. Operating margin maintained at Foils Americas despite weaker sales in the second half.
- Laminates major new supply contract fully on stream during second half.
- Restructuring of UK foils operations completed; new distribution facility established in Sheffield, leaving Livingston to concentrate on manufacturing.
- New ERP solution successfully implemented by Foils Americas; roll-out in Foils Europe scheduled for 2014.
- Capital additions and joint venture investment of £3.8m (2013: £5.5m), including down payments on new metallising equipment for UK and US foils plants.
Commenting on the results, Andrew Turner, Group Chief Executive of API Group plc, said:
"In spite of a slightly weaker profit performance, these results demonstrate further strengthening of the Group’s financial position, combined with continued substantial investment in the operating assets of the business. The year-end net cash balance and the re-introduction of a dividend after a break of more than ten years, represent important milestones in the rehabilitation of the Group.
Operational improvement and investment initiatives already completed, as well as further projects planned for the new financial year, are expected to strengthen API’s position in its key markets and enhance prospects for future sales and profit growth."
For further information:
API Group plc
Andrew Turner, Group Chief Executive / Chris Smith, Group Finance Director
Tel: +44 (0) 1625 650 334
Henry Harrison-Topham / Quincy Allan
Tel: +44 (0) 20 7398 7710