2013: £318.3m

Underlying* operating profit
(before results of JVs and associates)


2013: (£19.2m)

Underlying* operating margin
(before results of JVs and associates)


2013: (6.0%)

Operating loss
(before JVs and associates)


2013: £26.5m

Underlying* profit before tax


2013: (£21.5m)

Loss after tax


2013: £23.1m

Underlying* basic earnings per share


2013: (10.78p)

* Underlying profit measures are stated before:

  • UK underlying operating margin (before JVs and associates) recovery to 3.3 per cent (2013: -6.0 per cent)
  • Share of losses from Indian joint venture of £3.0m (2013: £0.3m loss)
  • Period end net funds position of £0.3m (31 March 2013: £41.2m net debt)
  • Further restructuring of largest business, Severfield (UK) Limited, concluded successfully
  • Operational improvement programme progressing well and continuing
  • UK order book solid at £168m at 1 May 2014
    (1 November 2013: £172m)
  • India order book of £41m at 1 May 2014 (1 November 2013: £34m)
  • Development of clear Group strategy in addition to anticipated recovery in UK market means the Group is well placed for future growth
  • amortisation of acquired intangible assets – £2.7m (2013: £3.4m)
  • restructuring and redundancy costs – £2.6m (2013: £0.8m)
  • retirement of acquired intangible assets – £2.4m (2013: nil)
  • impairment of investment in associates – £0.4m (2013: nil)
  • refinancing related transaction costs – nil (2013: £2.1m)
  • contract legal costs and provision movements – nil (2013: £1.1m)
  • movements in valuation of derivative financial instruments — nil (2013: £0.1m favourable)
  • the associated tax impact of the above, together with the impact of a reduction in future corporation tax rates on deferred tax liabilities.