Operating margin increased from 7.3% to 7.4%
Adjusted earnings per share declined by 1.7% at constant exchange rates, and grew by 0.2% excluding the
Free cash flow grew by 21% at actual exchange rates to
Interim dividend per share grew by 5.2%, extending 30 consecutive years of annual dividend growth
12 acquisitions announced August year-to-date, including two announced today, with a total committed spend of more than
Net debt to EBITDA(+) of 1.1 times providing substantial headroom for acquisitions; resilient return on invested capital of 14.9% compared to 13.6% at the end of 2019, prior to the pandemic
2023 outlook: adjusted operating profit guidance upgraded, driven by a meaningful increase in operating margin expectations
Commenting on today's results,
'I am pleased with our first half performance, with good adjusted operating profit growth and an operating margin significantly ahead of that achieved prior to the comparable period of 2019. The Group's performance continues to be supported by the strength of our customer focused value proposition, including our sustainability expertise and range of innovative products and solutions, and the continued success of our acquisition strategy. We have an active pipeline of attractive opportunities, and I am delighted to announce two additional acquisitions today, including our first acquisition in
Alternative performance measure .
Growth at constant exchange rates is calculated by comparing the H1 23 results to the H1 22 results retranslated at the average exchange rates used for H1 23.
At average exchange rates and based on historical accounting standards, in accordance with the Group's external debt covenants.
The Group disposed of its
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