Highlights
Financial
- Orders up 48% to £34.3 million (2007: £23.1 million)
- Revenue up 1% to £35.6 million (2007: £35.3 million)
- Adjusted operating profit up 5% to £3.9 million (2007: £3.7 million)1
- Operating profit up 14% to £4.2 million (2007: £3.7 million)
- Adjusted profit before tax up 17% to £3.4 million (2007: £2.9 million)1
- Profit before tax up 4% to £2.9 million (2007: £2.8 million)
- Net debt £25.6 million (31 March 2008: £19.4 million, 30 September 2007: £20.4 million)
Strategic and operational
- Acquisition of Project Performance Corporation (PPC) completed – August 2008
- Awarded US Federal Government framework contract for $60 million
- Private sector orders growth up by 139%
- UK Government contract wins in the areas of air and water quality, energy, climate change, innovation and knowledge transfer
1 Reconciliation of adjusted operating
profit and adjusted profit before tax
| |
Adjusted operating profit/Adjusted profit before tax |
| |
Six months
ended
30 September
2008
£m |
Six months
ended
30 September
2007
£m |
Year
ended
31 March
2008
£m |
| Adjusted operating profit |
3.9 |
3.7 |
11.0 |
| Adjustments: |
|
|
|
| One-off exchange gain |
0.4 |
- |
- |
| Amortisation of acquired intangibles |
(0.1) |
- |
- |
| Acquisition costs |
- |
- |
(1.1) |
| Operating profit |
4.2 |
3.7 |
9.9 |
| Total net finance costs |
(1.3) |
(0.9) |
(1.9) |
| Profit before tax |
2.9 |
2.8 |
8.0 |
| Add back: |
|
|
|
| Net adjustments (above) |
(0.3) |
- |
1.1 |
| Net pension finance costs |
0.8 |
0.1 |
0.3 |
| Adjusted profit before tax |
3.4 |
2.9 |
9.4 |