back to top
  Profit and loss account
  Group sales by destination
  Earnings and dividends
  Balance sheet
  Statistics
Directors' Report
Subsidiary Undertakings
 
 

Five Year summary
 
 
 
Profit and loss account 1996
£m		 1997
£m		 1998
£m		 1999
£m

2000
£m
Sales 1,316 1,434 1,455 1,502   1,615
Profit before tax, exceptional items and goodwill amortisation 137 147 152 145 148
Goodwill amortisation - - - (9 ) (15)  
Exceptional items 24   2 15 (13 ) 11  
Profit before taxation 161 149 167 123 144


Group sales by destination
 
  1996
£m		 1997
£m		 1998
£m		 1999
£m		 2000
£m
UK 404 428 330 397 469
Germany 173 160 238 220 204
Rest of Europe 288 316 358 358 383
USA 269 351 358 374 397
Asia 75 77 62 55 68
Rest of World 107 102 109 98 94
  1316 1434 1455 1502 1615
Direct exports from the UK 153 133 98 83 98
Percentage of total sales to international markets 69% 70% 77% 74% 71%
 
 
Earnings and dividends 1996 1997 1998 1999 2000
Adjusted earnings per share 25.7p 30.7p 30.4p 28.0p 28.6p
Earnings per share 31.5p 31.2p 33.5p 22.6p 27.1p
Ordinary dividend per share 13.0p 14.0p 14.8p 15.1p 15.5p
 
 
Balance sheet

1996
£m

 1997
£m		 1998
£m		 1999
£m		 2000
£m
Net operating assets 467 574 551 661 682
Goodwill - - 20 246 286
Non-operating assets (excluding borrowings) (50 ) (60 ) (76 ) (90 ) (87 )
Net borrowings (43 ) (189 ) (86 ) (388 ) (403 )
Net assets 374 325 409 429 478
Goodwill amortisation - - - 9 25
Net assets plus amortisation 374 325 409 438 503
Goodwill written off to reserves 334 439 427 415 422
Total investment 708 764 836 853 925
 
 
Statistics 1996 1997 1998 1999 2000
Profit* as a percentage of sales 10.3% 10.3% 10.4% 9.7% 9.2%


Profit* as a percentage of net assets plus amortisation

 36.6% 45.2% 37.2% 33.1% 29.5%

Profit* as a percentage of total investment 		19.4% 19.2% 18.2% 17.0% 16.0%

Net assets per share		 107.8p 93.3p 116.9p 122.3p 136.0p

Net borrowings as a percentage
of shareholders’ funds		 11.5% 58.2% 21.0% 90.4% 84.3%

Interest cover*		 31 26 28 10 6

Dividend cover*		 2.0 2.2 2.0 1.8 1.8
* Before exceptional items and goodwill amortisation