Overview
Revenue for the Group improved to CHF 1 174 million, up +5.7% on the same period last year in local currency terms (2.2% down on a reported basis) in what can best be
characterized as a difficult global trading environment.
characterized as a difficult global trading environment.
Strong revenue growth was achieved in Consumer Testing, Oil Gas & Chemicals and Systems and Services Certification with all these businesses delivering more than +10% growth compared to the first half last year.
Operating income improved by CHF 48 million or 54% to CHF 137 million at constant currencies (CHF 40 million on a reported basis). Operating margins in all businesses
continued to improve with the most significant gains being achieved by Consumer Testing, Systems and Services Certification, Life Sciences and Trade Assurance
Services.
continued to improve with the most significant gains being achieved by Consumer Testing, Systems and Services Certification, Life Sciences and Trade Assurance
Services.
Net financial income has reduced to CHF 5 million reflecting the continued global reduction in yields. The tax rate for the first half at 24% is in the range that the Group expects for the medium term.
Net profit before exceptionals increased by CHF 32 million to CHF 100 million (CHF 38 million at constant currencies). Including exceptional items (in 2002, CHF 2 million representing the net of restructuring costs and collections of discontinued government contracts receivables), the bottom line improved by CHF 34 million.
Cashflow from operations remained strong at CHF 143 million, which was used in part to fund our investment in improved and expanded operating infrastructure and to meet the increased dividend payment. Group net cash increased from CHF 402 million at the end of 2002 to CHF 424 million at 30 June 2003.
The full press release including tables can be downloaded from the following link:
