Unaudited full year trading update
Revenue in 2016 was £5,440m (2015: £5,455m), down 8% on a like for like basis, as a strong performance in solar and E&I was offset by continuing weakness in the oil and gas market.
Trading profit in 2016 was £318m (2015: £374m). Significant progress on our £100m overhead cost reduction programme in the fourth quarter was offset by ongoing challenging conditions in the oil and gas market and the impact of cost overruns on a fixed price US government contract in the Pacific in the E&I segment. Overall, trading margin was 5.8%, 110 basis points lower than 2015.
Adjusted diluted EPS for continuing operations was 50.4p (2015: 67.7p).
The order book at the end of December stood at £5.8bn, compared to £6.2bn at the half year. Since the year end we have seen a number of contract wins which have not been fully recorded in the order book, and which gives us confidence in the outlook.
Net debt at the end of December was £1,021m, benefitting from strong cash collection in Q4 and £70m of proceeds from the non-core disposal programme. Our net debt to adjusted EBITDA at the end of December 2016 stood at 3.3x. At the end of December 2016, our asbestos related liabilities net of insurance recoveries were £334m (2015: £296m), and our net pension liability was £137m (2015: asset
|Trading update||13 March|
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