INTERIM RESULTS STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2011
AEA Technology Group plc ('Group'), a leading technical, energy and sustainability consultancy, today announces its financial results for the six months ended 30 September 2011.
Orders up 84% to 73.0 million (2010: 39.6 million)
Revenue up 5% 53.3 million (2010: 50.6 million)
Adjusted operating profit up 10% 2.3 million (2010: 2.1 million) 1
Operating profit 0.2 million (2010: 6.7 million loss)
Adjusted profit before tax 1.0 million (2010: 1.1 million) 1
Loss before tax 2.1 million (2010: 8.8 million loss)
Net debt 34.3 million (30 September 2010: 31.7 million, 31 March 2011: 28.3 million)
Secured approval of Lloyds Banking Group to amend financial covenants for 2012 and allow continued access to the banking facility for the foreseeable future. The Directors expect to successfully renegotiate covenants for 2013 during 2012
John Lowry has been appointed as interim CEO (see separate announcement)
Order intake is showing positive progress throughout the Group; ERG $38.9 million 2, PPC $45.9 million, up 23% and Europe 20.1 million, up 32%
In the US we continue to win orders despite the current economic environment while in the UK market conditions remain tough but with some stability returning
The second half of the year will be impacted by a reduced forecast revenue and adjusted operating profit outturn at PPC, our Washington based operation. As reported previously, performance at ERG, our Boston based operation, and Europe remain in line with Management's expectations
Having announced on 16 November 2011 that the Group's adjusted operating profit for the current year would be significantly lower than the Board's expectations, the Board is firmly focused on improving profitability and managing cash flow
1 A reconciliation of adjusted operating profit and adjusted profit before tax is given below the Consolidated income statement.
2 No comparative information is available as the business was acquired in November 2010.