BUCKINGHAMSHIRE, U.K., Feb. 26, 2003 (PRIMEZONE) -- Amersham Plc (NYSE:AHM) (LSE:AHM):
HIGHLIGHTS
All results are stated before exceptional items and goodwill amortisation unless otherwise noted. Management believes that exclusion of these items provides a better comparison of business performance for the periods presented. Trading profit represents operating profit before R&D. All growth rates are stated at constant exchange unless otherwise noted.
12 months 12 months Growth at Growth at
to 31 Dec 02 to 31 Dec 01 constant actual
restated(a) exchange exchange
rate rate
mPounds mPounds (CER) % %
Sales 1,618 1,603 7(#) 1
Operating 310 293 7 6
profit
Profit 300 279 8 8
before tax
Earnings per 29.9p 26.6p 15 12
share
Statutory 26.1p 33.2p -- (21)
earnings per
share(1)
Dividend per 7.8p 7.1p -- 10
share
-- Sales up 7%(#) to 1,618 million pounds, profit before tax up 8% to
300 million pounds. Strong earnings per share up 15% to 29.9p,
including benefit from lower tax rate
-- Amersham Health sales up 8% to 948 million pounds
-- Medical diagnostics (ex Japan) up 14% to 723 million pounds,
with patented products up 22% to 354 million pounds surpassing
sales of unpatented products, in the second half, for the first
time.
-- Amersham Biosciences sales up 6%(#) to 670 million pounds
-- Protein separations sales up 15%(#) to 276 million pounds
driven by excellent growth in bioprocess in the second half of
the year. Discovery systems sales 1%(#) lower at 394 million
pounds as a result of slowdown in instrument sales
-- Restructuring of discovery systems to accelerate move to
profitability during 2004, with annualised cost savings of more
than 30 million pounds
-- Operating cash flow was 346 million pounds, net debt was 182
million pounds
(1) Statutory earnings per share are stated after exceptional items
and goodwill amortisation. After exceptional items and goodwill
amortisation operating profit was 273 million pounds up from 272
million pounds in 2001 and profit before tax was 264 million
pounds down from 314 million pounds in 2001.
(#) Comparable growth excluding disposed business
(a) Restated for FRS 19 "Deferred Taxation"
Sir William Castell, Chief Executive, Amersham plc, said: "We have continued to see good momentum in our business, driven by medical diagnostics and protein separations where we have clear leadership in high growth markets. In discovery systems we will see significant benefits from the steps announced today to accelerate the move of this business area into profitability. Our businesses continue to generate good operating cash flow and we will be making a number of major investments in manufacturing capacity in 2003 to underpin our long term growth."
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