For the 6 months ended 31 January 2001
Highlights:
Merger with TI completed with no disruption to business performance
Merger-related savings now expected to yield GBP80m by July 2003
Automotive demerger to LCE holders and Smiths to receive;
GBP625m in cash
GBP315m in preference shares
19.9% of the equity in the new, independent company
Integration of combined businesses proceeding quickly
Consolidation into single HQ nearing completion
Strong double-digit growth in sales and operating profits
Conversion of profits into cash continues at a high level
Interim dividend increased by 8%
Commenting on the results, Keith Butler-Wheelhouse, Chief Executive said:
This first set of results since the merger shows we are on track to gain the benefits of lower overheads and improved profitability for the enlarged company. We now have a mechanism to secure value from Automotive, and meanwhile it has made a useful contribution in the period. Operating profits in the four mainstream activities improved 17%, and their current outlook is positive.
