Cost-cutting at Pillar gives lift to Caradon
The improvement at the building products group came despite a slump in sales and profits at its US cheque printing operation, where prices have fallen sharply.
Cost-cutting at Pillar drove the profits rise, with margins at the newly-acquired businesses rising from 5 to 8.3 per cent.
Peter Jansen, chief executive, said the integration of Pillar had more than matched expectations. But he warned that UK building products businesses had not yet benefited from recovery.
Underlying profits, excluding a pounds 100m exceptional profit last year from the sale of Caradon's stake in the French printer Carnaud MetalBox, increased from pounds 56.4m to pounds 94.4m. Reported pre-tax profits including the sale fell from pounds 152.8m to pounds 90.8m.
Underlying earnings per share rose from 6.8p to 8.9p and the dividend was increased from 2.71p to 2.9p.
The shares, down from 448p since the beginning of the year, closed 11p higher at 298p.
Bottom Line, page 26
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered...
- 3 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 4 35,000 walrus gather ashore on north-west Alaska beach 'for a rest'
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Prince held a Facebook Q&A and this is the only question he answered...
Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
Cheryl Cole officially 'the most dangerous celebrity' on the internet
Ebola virus in the US: What are the symptoms, what is it and is there a cure?
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Benefits 'smart cards' plan revealed by Iain Duncan Smith to stop claimants spending welfare money on alcohol
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...