Financial Summary

Full Year 2009 highlights

Financial highlights

Revenues for the year were £55.2 million (2008: £54.8 million).
Profit before tax and exceptional items was £1.7 million (2008: £4.2 million), which was almost all generated in the second half of the year. Profit before tax was £1.1 million (2008: £4.2 million).
Cash generated from operations of £6.0 million (2008: £4.2 million) was well ahead of the prior year.
Net debt reduced to £13.9 million (2008: £16.7 million).
Final dividend of 1.25 pence per share (2008: 1.25 pence) is maintained.

Operating highlights

The results for the year are dominated by the sharp fall in demand at Metals Filtration in the first half of the year as aluminium and US automotive de-stocking fed through the supply chain.
The business reacted swiftly to address costs where necessary. Over the course of the year Group headcount was cut by 15%.
The second half of the year was better with sales rates in the US firming in the final quarter. The Group was profitable and cash generative for the year as a whole.
Good strategic progress was made, despite the prevailing conditions. The benefits of revenue from new products, cautious geographic expansion and the integration of recent acquisitions can be seen in the results for the year.
Seal Analytical, the water analysis business acquired in 2008, had a strong first year with the Group, generating profits growth and a good cash return on investment.

Key Financials – Full year	2009 £m	2008 £m	2007 £m
Group revenue	55.2	54.8	45.2
Group operating profit (before exceptional items)	2.8	4.8	3.8
Profit before tax (before exceptional items)	1.7	4.2	3.4
Net debt	13.9	16.4	7.0
Earnings per share (before exceptional items)	2.7p	7.0p	5.8p
Dividend per share	2.25p	2.25p	2.0p