The first six months in brief
"The Group has continued to build successfully on the changes made in 2010 and
has delivered a robust top and bottom line performance. Alexander Proudfoot
has delivered a very good first half result, benefiting in particular from a growing
workload for clients in the natural resources sector. Kurt Salmon has also grown
revenues in its key markets and we are investing in the business to drive future
revenue and profit growth."
Nick Stagg, Chief Executive
— Revenue up 19% at £155.6m (2010: £131.3m)
— Operating profit up 22% to £13.7m (2010: £11.2m)
— Underlying* operating profit up 24% to £15.3m
(2010: £12.4m)
— Underlying* operating profit margin higher at 9.9%
(2010: 9.4%)
— Profit for the half year increased to £9.1m (2010: £6.5m)
— Net debt reduced by 31% to £51.7m (June 2010: £74.8m)
— Basic earnings per share increased to 2.1p (2010: 2.0p)
— Underlying basic earnings per share increased to 2.4p
(2010: 2.2p)
— Interim dividend increased to 0.2p per share (2010: 0.15p)
* Throughout this half-year report the term ‘underlying’ is defined as ‘before
non-recurring items and amortisation of acquired intangible assets’.
