Charter’s two global businesses, ESAB and Howden, hold market-leading positions with strong opportunities for growth. Focused on cash conversion and with a clear path to margin enhancement, Charter continues to explore a full range of strategic options to maximise shareholder value.
Business and financial strengths include:
International Diversity
Approximately one-half of revenue arises in developed markets and one-half in emerging markets, with strong market positions in the BRIC economies
Market-leading technology
Charter’s businesses have world leading technology, supported by continuing investment in research and development
Favourable long-term dynamics in key end-user segments
Most of the largest end-users are related to the energy industry
Flexible and modern manufacturing
Predominantly located in low cost areas with increased use of outsourcing
Continued investment
Capital expenditure remained well in excess of depreciation
Dividend
Increased dividend of 23.0 pence per share, 2.9 times covered by adjusted earnings
Balance sheet strength
Total equity shareholders’ funds of £635.7m with net cash