Pfizer

efg

2011 results

27th July 2011

Chairman’s statement

I am delighted to announce record group results in terms of both revenue and profit for the year ended 30th June 2011. Total group revenue for the year was £288.7m (including £8.9m revenue from acquisitions during the year (2010 £nil)), 59% ahead of the £181.6m for last year and, more importantly, 43% above the previous highest year‘s revenue of £201.2m reported in 2008. All geographic areas saw good progress, with growth of 64% in Europe, 57% in the Americas and 61% in the Far East, particularly in China, which has become the Group’s largest market, with revenues of £54.2m this year (2010 £34.2m). Group profit before tax for the year, excluding exceptional items, was £80.4m, compared with £28.7m last year, and compared with £41.7m in 2008, being the previous highest year’s profit before tax (excluding exceptional items). Adjusted earnings per share were 88.0p, an increase of 178% over last year’s adjusted earnings per share of 31.6p. Reported earnings per share were 90.3p (2010 29.3p). Segmental analysis •Metrology There was an extremely strong performance by our metrology business during the year, with revenue of £267.0m, compared with £162.1m last year, an increase of 65%. There was growth across all product lines, with machine tool and encoder products showing particularly strong growth. Operating profit for this segment was £87.4m, compared with £31.5m last year, an increase of 177%. During the year the Group acquired a 49% shareholding in Measurement Devices Limited (MDL) at a cost of £3.9m; there is agreement that MDL will become a 100% subsidiary in 2014. Accounting standards require the Group to consolidate its results as if the company were a subsidiary, due to the structure of the shareholders’ agreement. MDL is a metrology company whose laser scanner products are primarily marketed in the areas of marine positioning, mining, quarrying and surveying. On 8th April 2011, the Group acquired for...