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Interim Results for the six months ended 30 June 2010

30/07/2010

Financial highlights

			Six months		Six months
			to 30.6.10		to 30.6.09
			£m		£m
Revenue			840.4		846.2		-0.7%
Adjusted operating profit1			72.7		66.3		+9.7%
Operating profit			69.3		51.3		+35.1%
Adjusted profit before tax2			73.3		63.7		+15.1%
Profit before tax			69.7		39.5		+76.5%
			pence		pence
Earnings per share	Basic		30.4		14.6		+108.2%
	Adjusted2		32.8		28.5		+15.1%
Dividend per share	Interim		7.5		7.0		+7.1%

₁before exceptional items, acquisition costs and amortisation and impairment of acquired intangibles and goodwill
₂before exceptional items, acquisition costs, amortisation and impairment of acquired intangibles and goodwill, net financing charge on retirement benefit obligations and net gains/(losses) on retranslation of intercompany loan balances

• Strong recovery with adjusted profit before tax of £73.3 million (2009: £63.7 million) and adjusted earnings per share of 32.8 pence (2009: 28.5 pence), both up 15 per cent
• ESAB adjusted operating profit of £50.1 million, up 38 per cent with an adjusted operating margin of 9.0 per cent, this was principally due to its consumables business, in which volumes increased by 13 per cent
• Howden achieved an adjusted operating profit of £28.8 million and an adjusted operating margin of 10.2 per cent, in line with expectations, and maintained the size of its order book through the period
• Increased interim dividend of 7.5 pence per share (2009: 7.0 pence)
• Balance sheet remains strong and net cash was £14 million

Michael Foster, Chief Executive, commented:

"Charter has delivered another set of good results with earnings well up compared with the first half of 2009. ESAB has recovered strongly with its operating profit up 38 per cent, and with double-digit margins in the second quarter of the year, demonstrating its capacity to benefit from improved market conditions. Howden maintained its order book, through the period and continued to deliver double-digit margins for yet another half-year. Overall, we are very encouraged by the results which have justified our expectations and enabled us to increase the interim dividend. Whilst the future economic trends remain uncertain, we believe that Charter is well positioned to continue to prosper. "

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