|
| |
Change |
2003 |
2002 |
| |
|
£m |
£m |
| Turnover |
0% |
267.3 |
267.6 |
| Overseas sales |
+3% |
188.2 |
183.3 |
| Profit before taxation* |
-4% |
46.5 |
48.3 |
| Dividend per share |
+10% |
5.812p |
5.283p |
| |
|
|
|
| Profit before taxation* as a percentage of turnover |
|
17.4% |
18.0% |
| Turnover to net tangible assets |
|
3.08
times |
2.28
times |
| Return on capital employed** |
|
53.5% |
41.1% |
*Before goodwill amortisation of £3,235,000 (2002: £2,297,000)
**Return on capital employed is defined as profit before taxation* expressed as a percentage of net tangible assets
Highlights of the year
- Highest ever return on capital employed of 54%
- Sales held at £267m with profit before taxation and goodwill
amortisation of £46.5m (2002: £48.3m)
- Record free cash flow of £36m
- 10% increase in dividend for the year
- BEA, our largest acquisition to date, performing well
- R&D investment increased to 3.6% of sales, driving strong product pipeline and more profitable product mix
Disclaimer
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