RNS Number:8399T
MTL Instruments Group PLC
28 March 2007
28 March 2007
The MTL Instruments Group plc
Preliminary Results for the year ended 31 December 2006
The MTL Instruments Group plc is recognised as a world leader in the development
and supply of Intrinsic Safety, Process Control and Surge Protection products
aimed at the process control and telecommunications industries. Many of the
world's safety-critical processes are monitored, controlled or protected by MTL
products and the Group is distinguished by its global network of sales and
support centres and by its acknowledged position as a thought leader in this
high technology marketplace.
MTL has recently developed solutions which enable process control systems to be
devolved from the control room onto the process plant itself giving benefits of
improved control, integrity and cost savings. This has involved the combination
of the Group's four core technologies - Intrinsic Safety, Surge Protection,
Visualisation and Open Control Platforms.
Performance Summary
Year ended Year ended Change
31 December 31 December
2006 2005
Orders #87.4m #76.6m +14%
Sales #85.3m #74.2m +15%
Profit before tax #8.4m #7.2m +17%
Basic EPS 28.7p 25.7p +12%
Dividend per share 7.5p 7.0p +7%
Highlights
* Strong top-line orders and sales, driven by good market conditions
* Solid investment activity in our major markets: oil and gas,
petrochemical and pharmaceutical sectors
* All businesses achieved growth in 2006, the highest growth coming from
Hazardous Areas and Visualisation
* MOST achieved break-even in the second half of 2006
* Dividend increased
Malcolm Coster, Chairman of The MTL Instruments Group plc, commented: "I am
delighted to report a record year for MTL. We saw strong growth across the board
and conditions continue to be buoyant, which should ensure that we make further
revenue and earnings progress in 2007. This is despite the fact that the US
dollar and euro exchange rates to sterling are weaker compared to 2006."
- Ends -
For Further Information:
Graeme Philp 01582 407250
Chief Executive, The MTL Instruments Group plc
Terry Garrett / Stephanie Badjonat 020 7067 0700
Weber Shandwick Financial
Please see the company website: www.mtl-group.com
Chairman's Statement
Introduction
I am delighted, once again, to report another record year for MTL. In 2006 the
Group saw further strong growth in its main end-user markets - oil & gas,
pharmaceutical and general process control - and across all geographical areas
with each of our divisions delivering record sales and orders and with the Group
operating margin improving further.
Financial results
Order input increased by 14% to #87.4m, with all our businesses achieving growth
in an environment that continued to experience strong levels of investment in
our main industrial markets.
Group sales were #85.3m (2005: #74.2m) an increase of 15%. The strength of
sterling against the US dollar in particular has caused a dilution in the
reported growth for the year, which would otherwise have been 17%.
Despite the continued high level of project business, the gross margin improved
in the second half to 48.2% from 46.0% in the first half. This gave a 2006 gross
margin of 47.1% (2005: 46.7%). The improvement in the second half was mainly
driven by manufacturing cost reductions and increased capacity utilisation in
our factories.
We continue to increase investment in the development of our products and
services and in expanding the capabilities and strength of our senior management
team and our sales channel. These investments and improvements in operational
efficiency provide us with an expanding platform upon which to capitalise fully
on future growth opportunities.
Despite the increased investment levels the operating margin has improved to
10.3% (2005: 10.0%). Operating profit was #8.762m (2005: #7.445m), an increase
of 18%. Profit before tax at #8.391m (2005: #7.146m) was up by 17%. Earnings per
share were 28.7p compared with 25.7p in 2005, an increase of 12%.
Business Review
All of our businesses achieved growth in 2006, the highest growth coming from
Hazardous Areas and Visualisation divisions.
Hazardous Areas' main markets of oil & gas and petrochemical have experienced
another year of strong investment levels although competition has remained
intense particularly on large projects in strategically important markets such
as India, China and the Middle East.
Our Visualisation business, which was formed following the acquisition of GeCma
in March 2005, continued to perform strongly with the pick-up of sales momentum
through the MTL sales channel.
A cyclical drop-off in the US Wireless Infrastructure segment of our Surge
Technologies business in the second half of 2006 led to a 10% reduction in sales
in this business line. This was more than offset by the 19% growth in the
Industrial business, which reflects the delivery of the financial benefit from
our strategy to internationalise the business by developing our worldwide sales
channel.
After a sustained period of investment which has effectively diluted the profits
of the Group as a whole, MOST achieved break-even in the second half of 2006.
Orders and sales for our Matrix and I/O products grew strongly during the year,
despite the weakness of the US dollar, putting us in a strong position for the
division to make its first contribution to Group profitability in 2007.
Dividend
In the light of our continued confidence in the Company's future prospects, the
Board is proposing a final dividend of 4.6p per share (2005: 4.3p). Together
with the interim dividend of 2.9p, this gives a full-year dividend of 7.5p
(2005: 7.0p), an increase of 7% whilst increasing dividend cover. Subject to
shareholders' approval at the Annual General Meeting, the final dividend will be
paid on 11 May 2007 to shareholders on the register at 13 April 2007.
Group Board
Steve Cockrell retired as a non-executive director on 31 December 2006. I would
like to thank Steve for his contribution to the development of MTL over many
years, first as Group Finance Director and for the last five years as
non-executive director and Chairman of the Audit Committee. My fellow directors
and I will miss his wise council, depth of knowledge and support. A Nominations
Committee has now been set up to find a replacement for Steve. In the meantime,
Terry Lazenby has kindly agreed to expand his board duties to include the
chairmanship of the Audit Committee.
Outlook
Conditions in our geographic and end-user markets continue to be buoyant which
should ensure that we make further revenue and earnings progress in 2007. This
is despite the fact that the US dollar and euro exchange rates to sterling are
weaker compared to 2006.
Operational and Financial Review
Business overview
MTL is a world leader in connectivity component solutions for the process
control industry which are used by end users in the oil & gas, pharmaceutical
and chemical industries. We are structured around five major business divisions:
*Hazardous Areas, the original and largest activity supplying intrinsic
safety interfaces and Fieldbus physical layer components to the process
control industry.
*Surge Technologies, which supplies lightning and over-voltage protection
for mains power supplies, signal and data lines and antenna feeds to service
the process industries and other markets such as commercial data networks
and the wireless infrastructure market.
*Visualisation, MTL's newest division, formed after the acquisition of
GeCma in March 2005, supplies industrially hardened operator terminals and
embedded PCs to the process industries, especially for oil and gas and
pharmaceutical applications.
*MTL Open System Technologies (MOST) supplies open control system
components to end users, system integrators and OEMs and addresses the full
range of the process industries.
*Gas Analysis, which addresses niche gas analysis applications in process
control and manufacturing including modified atmosphere food packaging,
flame treatment of material and combustion analysis and control.
MTL supports customers across the world mainly through direct operations. We
have five production plants across three continents and multiple sales and
support operations in 14 countries. Together with an extensive network of
indirect sales offices, this gives coverage of all of our major customers and
markets worldwide. We have over 6,000 active customers in total.
Key drivers for the Group's businesses relate to the process control market
around the world with demand being generated by new and expanded capacity,
upgrades to existing facilities and replacements. This investment is often
linked to projects aimed at improving the efficiency, safety and environmental
performance of plants. MTL's reputation for quality, worldwide support and
technical innovation is crucial to its leadership position in this field. The
broad geographic spread of our operations means that we have a large number of
repeat customers around the world and no one customer accounts for more than 7%
of sales.
Business strategy
The objective of the Group is to increase shareholder value by developing its
leadership position in connectivity component solutions for the process control
industry. Over the years, MTL has continued to build on its reputation as an
innovator in this field and has provided users with increasing levels of
functionality, performance and assurance. Recent strategy has focused on
opportunities to leverage our leadership position in hazardous areas and surge
protection technologies in newly developing areas such as Fieldbus digital plant
communications, open system control and ruggedised embedded PCs. Key programmes
relate to the development of new products, enhancing the capabilities of the
international sales channel, driving cost out of manufacturing and strengthening
the senior management team.
Year under review
Investment levels in the process control market continue to benefit from a
general positive economic environment and also from the current high oil price.
These factors have driven both increased capital investment in the oil & gas and
associated industries and investment in operating efficiencies in industries
using oil. These buoyant market conditions together with the increasing adoption
of new technologies, which we have helped to pioneer, have contributed to making
2006 a record year for MTL.
Whilst our worldwide sourcing and manufacturing operations act to mitigate
currency risks, MTL is still exposed to transaction as well as translation
currency impacts. Any benefit in the first half of the year was more than offset
by the weakening of the US dollar in the second half of the year. The impact of
the level of the US dollar is high due, not only to our important North American
business, but also to our large Asian markets in countries where currencies
closely follow the US dollar.
All of our operating divisions achieved increased levels of order intake and
sales revenue. Overall order intake was up by 14% and sales output increased by
15%. The order book increased to #9.2m which is 42% up on the start of the year.
Profit before tax was up by 17%. Operating margin, a key performance indicator
of the business, increased to 10.3%.
Hazardous Areas
The Hazardous Areas division is MTL's longest standing business and is one of
two dominant worldwide companies who design, manufacture and market intrinsic
safety interfaces and Fieldbus components. The division benefits primarily from
global investments in the Oil, Gas, Petrochemical and Pharmaceutical industries.
The strong investment cycle, especially in oil and gas, again provided the
platform for increased orders and sales in 2006, with order intake increasing by
19% to #46.7m and sales up by 14% at #43.3m, orders in hand increased during the
year by #3.1m to #6.5m.
Whilst the traditional intrinsic safety interface business continues to perform
well, growth in the new technology areas was particularly encouraging with
Fieldbus sales growing by 36%. The strong investment cycle has been
characterised by a high level of project business, which, particularly in
strategic regions, has been fiercely contested with our competitors. We have
maintained our market share during the year and manufacturing cost reductions
have mitigated the effect on the gross margin percentage which was 48.4% (2005:
49.1%).
Significant investment in sales channels and new products was rewarded with
increased orders and sales spread across all geographical regions. Sales in Asia
Pacific grew by 17%, boosted by a major refinery contract in India and continued
growth in China, the EMEA (Europe, Middle East, Africa) region grew by 16%, with
the Americas increasing by 5%, compared with 2005.
To capitalise on the increased business opportunities available to us we
continue to expand our sales organisation in all regions with particular
emphasis on China, India and the Middle East. Reinforcing our management team in
the Americas emphasises the importance placed on this major market. The
deployment of new technology and the development of new products remain key
drivers for our business. Investments made in 2006 will create new growth
opportunities for 2007 and beyond. Continued investment in our sales channels
will ensure we are well positioned to take full advantage of these
opportunities.
Surge Technologies
Our Surge Technologies division is a specialist in the task of protecting the
increasing number of delicate signal, data and control related electronic
devices which are directly or indirectly exposed to lightning or over-voltage
damage. As control electronics become more sophisticated, their susceptibility
to such damage increases and indirect lightning damage can be insidious and
cause control problems. These are hard to trace and lead to extended periods of
downtime and poor plant availability. MTL is the world leader in the surge
protection of process control systems and we also have a significant presence in
the protection of wireless installations, such as mobile phone base-stations,
traffic control and CCTV infrastructures and emergency service radio systems.
The key drivers of the Surge Technologies business are the growth of our
Industrial Surge products in traditional process control markets, the focus on
increasing the number of value-added resellers of our industrial networks
products and the success MTL is achieving in positioning our products in the
growing US market for CCTV camera protection and homeland security systems.
After strong performances in 2004 and 2005, the Surge business continued to grow
in 2006 with orders up by 10% to #12.0m and sales output 8% ahead to #11.9m.
The growth in the Surge Technologies business was driven by EMEA, with sales up
by 14%, following on from the excellent growth achieved in 2005. Asia-Pacific
had another year of consolidation with sales 1% up. Sales in the Americas grew
by 8% with the second-half weakness in the wireless business being more than
offset by growth in the industrial product line.
Visualisation
The Visualisation division designs, assembles and markets operator terminals and
embedded PCs which allow plant operators to view the workings of their processes
on the plant floor. These terminals and PCs are industrially hardened and can be
located anywhere on the plant, including in hazardous areas. They represent an
enabling technology in support of the current trend to minimise the size of
control rooms and to move much of the control system functionality out onto the
plant, close to the process. This trend began in the pharmaceutical sector and
is now gradually being adopted by larger scale processes such as those found in
the oil & gas, petrochemical and heavy chemical industries.
When we acquired GeCma in March 2005 it was already one of the market leaders in
this growing sector. We are now in the process of increasing the international
reach of these products by using our established international sales channel
which is already selling hazardous area and surge products to the same customer
base.
Orders in 2006 rose by 19% to #6.0m and sales increased by 34% to #6.3m.
The growth in the Visualisation business in 2006 was driven by ASEAN
(Association of South East Asian Nations), Japan, France and the UK.
MOST
MTL's Open System Technologies business (MOST) designs, manufactures and markets
control system components which are designed to be used by end-users, system
integrators and OEMs, to build small control systems. MOST's products are aimed
at the "hybrid control" sector of the market where, traditionally, the larger
distributed control system (DCS) companies (who are our customers) have found it
hard to provide economic solutions. Consequently this sector has tended to be
driven to using factory automation technology which often is neither
sufficiently robust nor capable of dealing with certain realities of process
control applications such as hazardous areas. MTL's Matrix system is a series of
rugged control components that are designed specifically for the hybrid sector
and have the "look and feel" of a process control system thus making them
readily usable by process operators used to DCS systems. Key drivers of this
business include the move toward open systems and field mounted control
electronics and the increasing sophistication of control systems in this sector
to improve efficiencies, comply with new regulations and address the demographic
shortage of plant operator skills and knowledge.
In addition to selling our own products, MOST also markets complementary
products from other market leading companies in order to be able to supply
system integrators with an integrated set of control and monitoring components.
By far the largest of these supply partnerships is the relationship we have with
Wonderware Inc whose plant visualisation software we sell in the south and west
of the US.
MOST sales increased in 2006 by 15% to #21.6m. The overall growth was held back
by the termination of our legacy Transport input/output product and I/O95 where
sales reduced by 29% to #0.5m and by the second-half weakness of the US dollar
against sterling. Matrix sales accounted for #5.5m, an increase of 20%.
Wonderware grew by 16% to #15.6m.
As our MOST business develops we are increasingly requested to provide paid-for
applications and support services at the time of installation as well as an
ongoing level of support that gives us an annuity through support contracts.
These services are already established as part of the Wonderware distribution
business range where the support revenues grew by 26% to #3.3m in 2006.
The Americas continues to be the main geographic focus of the MOST business with
China and the UK also contributing strongly. Sales through other geographies are
currently embryonic but plans are in place to develop France, the Netherlands
and parts of the Middle East and Eastern Europe during 2007.
Operations
The operational programmes that were reported in last year's report have
continued through 2006 and are due to conclude in 2007. These programmes are
intended to enhance further MTL's ability to provide a wide range of process
control products to our customers whilst differentiating ourselves by reducing
overall supply chain costs.
We are well on the way to the total separation of our manufacturing operation
from our SOLD division (Sales, Orders, Logistics and Deliveries). This will
allow us to be competitive both in the supply of our own products and of
products from our supplier partners - generally top three worldwide suppliers
which we have chosen to complement the sale of our own products to system
integrators in larger project situations and with OEM customers.
An important part of the SOLD project has been the roll-out of our BaaN computer
system to all operational units of the Group which has continued throughout 2006
and which is now scheduled for completion in June 2007. This will give greater
visibility of stock distributed around the world as well as improving
operational efficiency and the timeliness of management information.
In addition to these two important development programmes we also introduced our
Sales Channel Development programme during 2006, which is aimed at transforming
our existing product sales channel around the world into one which is able to
sell and support a wider range of products, as well as provide value-added
customer support services. A full-time channel development director was
appointed in April 2006 to oversee this work which includes the development of a
network of key account managers, product specialists and project directors.
Treasury
The weighted average rates for translation of our two main foreign trading
currencies into sterling over the last four years were as follows;
US dollar Euro
2003 1.64 1.44
2004 1.84 1.47
2005 1.81 1.47
2006 1.84 1.47
The effect of the movements in exchange rates in 2006 compared with 2005 was to
decrease sales and operating profit by #1.7m and #0.2m respectively.
Our conversion of profits into cash is traditionally strong, due largely to our
business model that does not require a large capital base to support it. In 2006
the working capital required for the business has increased but this has broadly
been in line with growth. Trade and other receivables have increased at a higher
rate than the underlying growth due to the increased level of large project
business that generally has stage payments over a longer than normal period. The
days sales outstanding has increased to 64 days (2005: 55 days). Cash generated
from operations was #6.1m (2005: #8.5m) Net cash inflow from operating
activities was #1.9m (2005: #5.9m), this being impacted by a one time catch up
in tax payments in America and Germany.
Net capital expenditure was #1.4m, which was higher than the level of
depreciation due to increased investment in our management information system
and the start of a catch up in manufacturing investment following the decision
not to contract out our manufacturing operations. This catch up will continue
through 2007 with capital investment expected to be at a similar level as in
2006.
Cash and cash equivalents were #1.9m at the end of 2006 (2005: #5.7m), the large
decrease being due to the repayment of the bank loan that was set up in 2000 for
the acquisition of Standard Automation and Control LP (now MTL Open Systems
Technologies LP).
Property
The Group has continued to review options for a new facility in the UK. The
options that are being considered are all in the Luton area and a final decision
will be made in 2007. This should give the necessary time to have the new
facility available in 2008 when the developers will complete on the purchase of
our existing facilities.
Pensions
The reported Pension Deficit has increased at the end of 2006 to #8.0m (2005:
#6.5m). This increase is mainly attributable to the rise in inflation that has
been assumed in the 2006 year end calculation. The Board is continuing a
dialogue with the Trustees and a plan for increased contribution will be
finalised in 2007 with the expectation that the first additional payment will be
made this year.
Tax
MTL is an international business with a significant proportion of the Group's
profits being earned outside the UK. A number of these jurisdictions have
corporate tax rates higher than in the UK. The effective tax rate in the year
was 34.0% (2005: 31.8%). The main reason for the increase in 2006 has been a
higher level of profitability in Germany, India and the US. We anticipate that
the tax rate in 2007 will be broadly in line with that in 2006.
Employees
Once again this year I would like to conclude by recognising the skill,
dedication and customer orientation of the MTL team at all levels and in all
geographies. It is their efforts that have secured our record results in 2006
and it is on them that our future success is founded. Every one of them has my
personal admiration and thanks. Similarly, I would like to thank our customers,
suppliers and distributors for their continued support throughout 2006 and I
look forward to continuing our relationships throughout 2007 and beyond.
Consolidated income statement
Year ended 31 December 2006
____________________________________________________________________________
2006 2005
#'000 #'000
____________________________________________________________________________
Continuing Operations
Revenue 85,259 74,223
Cost of Sales (45,093) (39,527)
___________________________________________________________________________
Gross profit 40,166 34,696
Selling and marketing costs (19,132) (16,790)
Administrative expenses (7,198) (5,855)
Research, design and development costs (5,074) (4,606)
___________________________________________________________________________
Operating profit 8,762 7,445
Financial income 135 151
Finance costs (400) (347)
Financial income and costs relating to
pension liability (106) (103)
___________________________________________________________________________
Profit before tax 8,391 7,146
Tax (2,857) (2,275)
___________________________________________________________________________
Profit for the year attributable to equity holders
of the parent 5,534 4,871
___________________________________________________________________________
Earnings per share
From continuing operations
Basic 28.7p 25.7p
___________________________________________________________________________
Diluted 27.7p 25.0p
___________________________________________________________________________
Consolidated statement of recognised income and expense
Year ended 31 December 2006
___________________________________________________________________________
2006 2005
#'000 #'000
___________________________________________________________________________
Gains/(losses) on cash flow hedges 136 (98)
Exchange differences on translation of foreign
operations (959) 137
Actuarial losses on defined benefit pension schemes (1,284) (1,115)
Tax on items taken directly to equity 384 334
Transferred to profit and loss on cash flow hedges (84) 26
___________________________________________________________________________
Net loss recognised directly in equity (1,807) (716)
Profit for the year 5,534 4,871
___________________________________________________________________________
Total recognised income and expense for the year 3,727 4,155
___________________________________________________________________________
Consolidated balance sheet
Year ended 31 December 2006
___________________________________________________________________________
2006 2005
#'000 #'000
___________________________________________________________________________
Non-current assets
Goodwill 18,394 18,451
Other intangible assets 564 233
Property, plant and equipment 7,651 7,674
Deferred tax assets 3,986 3,175
___________________________________________________________________________
30,595 29,533
___________________________________________________________________________
Current assets
Inventories 10,906 10,235
Trade and other receivables 22,017 18,604
Current tax receivables 987 665
Cash and cash equivalents 1,919 5,719
___________________________________________________________________________
35,829 35,223
___________________________________________________________________________
Total assets 66,424 64,756
___________________________________________________________________________
Current liabilities
Trade and other payables (14,963) (13,357)
Current tax liabilities (1,258) (2,007)
Provisions (1,910) (335)
Bank overdrafts and loans - (4,043)
___________________________________________________________________________
(18,131) (19,742)
___________________________________________________________________________
Net current assets 17,698 15,481
___________________________________________________________________________
Non-current liabilities
Other non-current payables (1,217) (1,226)
Deferred tax liabilities (1,086) (521)
Provisions - (1,893)
Retirement benefit obligation (8,005) (6,505)
___________________________________________________________________________
(10,308) (10,145)
___________________________________________________________________________
Total liabilities (28,439) (29,887)
___________________________________________________________________________
Net assets 37,985 34,869
___________________________________________________________________________
2006 2005
#'000 #'000
Equity
Share capital 1,946 1,923
Share premium account 3,742 3,239
Reserves (953) (46)
Non-distributable reserve 188 119
Retained earnings 33,062 29,634
___________________________________________________________________________
Total equity attributable to equity holders
of the parent 37,985 34,869
___________________________________________________________________________
The financial statements were approved by the Board of directors on 28 March 2007.
They were signed on its behalf by M D Coster
Consolidated cash flow
Year ended 31 December 2006
___________________________________________________________________________
2006 2005
#'000 #'000
___________________________________________________________________________
Cash flows from operating activities
Profit before taxation 8,391 7,146
Adjustments for:
Depreciation of property, plant and equipment 1,123 1,166
Amortisation of intangible assets 84 116
(Gain)/Loss on disposal of property, plant and
equipment (57) 3
Financial income (135) (151)
Finance costs 400 347
Net finance costs relating to pension liabilities 106 103
Equity settled share-based transactions 177 142
___________________________________________________________________________
10,089 8,872
Increase in trade and other receivables (4,821) (1,986)
Increase in inventories (1,167) (293)
Increase in trade and other payables,
pension reserve and provisions 2,087 1,873
Fair value of currency exchange contracts (62) 78
Cash generated from operations 6,126 8,544
Interest paid (427) (339)
Income taxes paid (3,766) (2,309)
___________________________________________________________________________
Net cash from operating activities 1,933 5,896
___________________________________________________________________________
Cash flows from investing activities
Interest received 135 151
Proceeds on disposal of property, plant and equipment 235 -
Receipt for property option (9) 1,226
Purchases of property, plant and equipment (1,405) (2,214)
Expenditure on product development (415) (124)
Acquisition of subsidiary (102) (5,233)
___________________________________________________________________________
Net cash used in investing activities (1,561) (6,194)
___________________________________________________________________________
Cash flows from financing activities
Dividends paid (1,385) (1,202)
Issue of share capital 526 657
Repayments of borrowings (3,699) (549)
___________________________________________________________________________
Net cash used in financing activities (4,558) (1,094)
___________________________________________________________________________
Net decrease in cash and cash equivalents (4,186) (1,392)
Effect of foreign exchange rate changes 386 (199)
Cash and cash equivalents at beginning of year 5,719 7,310
___________________________________________________________________________
Cash and cash equivalents at end of year 1,919 5,719
Notes
1. Accounting Policies
The MTL Instruments Group plc is a company incorporated in the United Kingdom
under the Companies Act 1985. The Group financial statements consolidate those
of the Company and its subsidiaries (together referred to as the "Group").
Status of this preliminary announcement
The financial information contained in this preliminary announcement does not
constitute the Group's statutory accounts for the years ended 31 December 2006
or 2005. Statutory accounts for the year ended 31 December 2005 have been
delivered to the Registrar of Companies, and those for the year ended 31
December 2006 will be delivered following the Company's Annual General Meeting.
The statutory accounts for the years ended 31 December 2006 and 2005 have been
reported on by the Company's auditors; the reports on these accounts were
unqualified and they did not contain any statement under section 237 (2) or (3)
of the Companies Act 1985.
The accounts for the year ended 2006 are expected to be posted to shareholders
in April and will be delivered to the Registrar of Companies after they have
been laid before the Company at the Annual General Meeting on 3 May 2007.
Copies will also be available from the registered office of the Company, Power
Court, Luton, Bedfordshire, LU1 3JJ, and on the Company's website
www.mtl-group.com.
The registered number of the MTL Instruments Group plc is 1871978.
2. Dividend
The directors recommend the payment of a final dividend of 4.6p net per share
payable on 11 May 2007 to shareholders registered on 13 April 2007. When added
to the interim dividend of 2.9p already paid, this makes a total dividend for
the year of 7.5p per share (2005: 7.0p per share).
3. Earnings per share
The calculation of earnings per share is based on the following earnings:
2006 2005
#'000 #'000
Profit attributable to equity holders of the parent 5,534 4,871
The calculation of basic earnings per share is based on the weighted average
number of ordinary shares in issue during the year of 19,274,033 (2005:
18,988,696). The calculation of the diluted earnings per share is based on the
same weighted average number of ordinary shares adjusted by 719,662 (2005:
469,307) being the relevant number of outstanding options. The adjusted weighted
average number of shares used is 19,993, 695 (2005: 19,458,003).
4. Approval
These preliminary results were approved by the Board on 28 March 2007.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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