Hamworthy Revenue and Profit Down (UK)

Hamworthy plc, a world leader in the design and manufacture of innovative marine and offshore fluid handling systems, announced its preliminary results for the year ended 31 March 2011.

Financial Highlights

· Revenue decreased by 15.3% to £181.6 million (2010: £214.3 million)

· Underlying operating profit down 29.9% to £13.8 million (2010: £ 19.7 million) and statutory operating profit down 31.6% to £13.3 million (2010: £19.5 million)

· Underlying basic earnings per share down 26.1% from 32.6p to 24.1p

· 23.0% increase in research & development expenditure from £3.9 million to £4.8 million

· Order intake rose 193% to £290.5 million (2010: £99.0 million) with the closing order book up 81.7% to £258.1 million (2010: £142.1 million)

· Operating cash flow of £19.7 million (2010: £27.0 million) resulting in closing net funds of £83.9 million (2010: £72.3 million)

· Proposed final dividend of 6.73p per share resulting in a 10.0% increase in the total dividend to 10.09p per share (2010: 9.17p)

Commenting on the results, Gordon Page CBE, Chairman of Hamworthy plc, said: “This is a solid financial performance achieved against a backdrop of a lower order book at the start of the year whilst increasing investment in research & development and expanding the Group’s technology portfolio. Hamworthy continues to achieve excellent cash generation leading to a further strengthening of the balance sheet.

“A very strong recovery in order intake led to an 82% increase in the closing order book providing greater visibility of future revenue. As a result the Board now expects a near-term improvement in the Group’s performance and looks forward with significantly increased confidence.”

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Source: Hamworthy, June 7, 2011;