Financial Highlights - Six months ended 30 June 2017

Interim dividend
Underlying1 operating profit £141.2m1Considered by the Board to be the best measure of performance

For the six month ended 30 June 2017



Underlying1  results £m

Statutory results £m
Revenue 1,085.6 1,085.6
Profit before tax 131.1 47.8
Diluted earnings per share 4.9p 2.0p


  • Record Nortek first half performance:  
    • Fastest improvement in profit compared to any previous Melrose deal
    • Highest ever first half cash generation of £103.4 million pre-capex2
    • Underlying1 operating profit of £145.5 million, 54%3 higher than last year 
    • Underlying1 operating margin of 14.7%, up 5.53 percentage points
    • Significant investment of over £47 million in capital and restructuring projects to further improve performance
  • Brush is experiencing its toughest market conditions since Melrose acquired it in 2008 and, accordingly, appropriate action is being taken for the long-term with all parts of the business being reviewed
  • Net debt of £669.1 million, equal to 2.3x EBITDA4, better than expected
  • Interim dividend of 1.4p per share (2016: 0.3p5



1  Considered by the Board to be the best measure of performance. A reconciliation of the statutory operating profit/(loss) to underlying operating profit/(loss) is given in the Finance Director’s review 
2  Operating cash generated before capital expenditure 

3  2017 post acquisition performance compared to the same period in 2016. Proforma 2016 results are based on previous Nortek accounting policies, reported under US GAAP, using constant exchange rates

Underlying1 operating profit before depreciation and amortisation. Includes 12 months of Nortek

Adjusted to include the effects of the 2016 Rights Issue