Results Highlights


Merger integration completed
Expected annual synergy benefits increased to £35 million (associated one-off costs increased to £55 million)
Very strong organic turnover growth of 6.9%
Group turnover up 9% to £1.97 billion
PBITA up 20% to £112 million
Margin improvement of 0.5% to 5.7%
Cashflow generation of £70 million, 63% of PBITA
Interim dividend of 1.30 p (DKK 0.143)
Strong platform for future development
Nick Buckles, Group Chief Executive, commenting on the results, said:

“The integration of the merging businesses has been completed significantly ahead of schedule and ahead of our targeted £30 million annual synergies, thanks to the substantial planning exercise that took place prior to the merger and the hard work and determination of our managers and staff to deliver on their commitments.

At the same time, we have achieved strong organic growth and a margin improvement of 0.5% during a period of significant change. Whilst there are still some challenging conditions in some markets, the businesses are performing well and this provides the group with a solid base on which we can continue with our vision of being recognised as the global leader in providing security solutions.”

Note: All comparatives are based on 2004 pro forma results