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14 Feb 2013 14:00
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HALMA plc Β NEW REPORTING SECTORS Β 14 February 2013 Β Β Halma, the leading safety, health and environmental technology group, today announces a change to its Business Sector reporting. Β Halma's products "protect life" and "improve the quality of life" in safety, health and environmental markets. Since 2005, we have reported our business under three sectors including two focused on Safety (Industrial Safety and Infrastructure Sensors) and one on Health and the Environment (Health & Analysis). All our businesses operate in markets with one or more of our long-term growth drivers: increasing Health & Safety regulation, increasing demand for healthcare and the increasing need for life- critical resources (such as energy and water). Β Significant M&A activity in recent years has resulted in the Health & Analysis sector growing from ~30% of Group profit in 2005 to ~50% today. In future, the current Health & Analysis sector will be reported under two new sectors namely Medical and Environmental & Analysis. The creation of a separate Medical sector reflects our growing presence in the medical devices market, in particular in ophthalmology and blood pressure monitoring. Β The two safety-related sectors, Industrial Safety and Infrastructure Sensors, will be re-named Process Safety and Infrastructure Safety respectively. Β The new reporting sectors are intended to provide greater insight into the products, markets and market growth drivers which are supporting our strong performance and future prospects.Β Β A summary of these changes together with their continued alignment with Halma's long-term market growth drivers is shown below. |
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Β New Sectors | Old Sectors | Primary Growth Drivers | |||
H&S Regulation | Demand for Healthcare | Need for life-critical resources | |||
"Protect life" (Safety) | Process Safety | Industrial Safety | Β ΓΌ Β | Β ΓΌ Β | |
Infrastructure Safety | Infrastructure Sensors | Β ΓΌ Β | |||
Β "Improve the quality of life" (Health & Environmental) Β | Medical | Β Health & Analysis Β | Β ΓΌ Β | ||
Environmental & Analysis | Β Β | Β ΓΌ Β | Β ΓΌ Β | ||
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These new sectors include subsidiaries with similar end-markets which will continue to help Halma further develop market-driven strategies through collaboration. The fundamental Group philosophy of giving subsidiaries autonomy and resources to grow independently remains in place. Β Group earnings are unaffected by this restatement. No management changes are directly related to this change. Halma's full year results for the 52-week period to 30 March 2013 will be reported under the new sectors on 13 June 2013. Β Appendix A gives a financial analysis restating Halma's last two full years' and last two half years' revenues and profits before taxation under the new sector headings. All of these schedules are unaudited although the two full years' results are based on audited accounts (under the old sector headings) which received unqualified audit reports. Β Appendix B gives an outline of the alignment of sectors with Halma's major growth drivers and end-markets. Halma today hosts a Capital Markets event for analysts and investors. A summary of the presentation is available on www.halma.com. Β Β |
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For further information, please contact: Β Halma plc Andrew Williams, Chief Executive Kevin Thompson, Finance Director Β | Β Β +44 (0)1494 721111 |
MHP Communications Rachel Hirst/Andrew Jaques | +44 (0)20 3128 8100 |
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A copy of this announcement, together with other information about Halma, may be viewed on its website: www.halma.com. Β Β Β Β Β NOTE TO EDITORS |
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1. | Halma develops and markets products used worldwide to protect life and improve the quality of life. The Group comprises four business sectors: Β | ||
Β | Β·; Process Safety | Products which protect assets and people at work. | |
Β | Β·; Infrastructure Safety | Products which detect hazards to protect assets and people in public spaces and commercial buildings. Β | |
Β | Β·; Medical | Products used to improve personal and public health. Β | |
Β | Β·; Environmental & Analysis | Products and technologies for analysis in safety, life sciences and environmental markets. | |
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Β | The key characteristics of Halma's businesses are that they are based on specialist technology and application knowledge, offering strong growth potential. Many Group businesses are market leaders in their specialist field. |
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APPENDIX A Β Financial Analysis and Reconciliation by Sector Β New reporting sectors: |
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26 weeks | 52 weeks | Β | ||||
29 September 2012Β£000 | 1 October 2011 Β£000 | 31 March 2012Β£000 | 2 April 2011 Β£000 | |||
Revenue | ||||||
Process Safety | 62,535 | 58,007 | 122,240 | 103,058 | ||
Infrastructure Safety | 100,509 | 101,102 | 204,280 | 197,209 | ||
Medical | 59,787 | 48,554 | 100,361 | 82,173 | ||
Environmental & Analysis | 75,499 | 72,547 | 153,351 | 136,165 | ||
Inter-segmental sales | (252) | (213) | (349) | (177) | ||
Group revenue | 298,078 | 279,997 | 579,883 | 518,428 | ||
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Segment profit before adjustments* | |||||
Process Safety | 15,335 | 13,596 | 29,226 | 24,435 | |
Infrastructure Safety | 18,907 | 19,364 | 39,099 | 39,023 | |
Medical | 15,388 | 13,152 | 26,252 | 20,425 | |
Environmental & Analysis | 15,498 | 14,801 | 31,596 | 25,683 | |
65,128 | 60,913 | 126,173 | 109,566 | ||
Segment profit after adjustments* | |||||
Process Safety | 23,222 | 13,307 | 28,627 | 24,156 | |
Infrastructure Safety | 18,907 | 19,364 | 39,276 | 38,981 | |
Medical | 11,043 | 8,263 | 21,058 | 15,733 | |
Environmental & Analysis | 13,373 | 13,761 | 28,721 | 24,437 | |
Segment Profit | 66,545 | 54,695 | 117,682 | 103,307 | |
Central administration costs | (2,548) | (2,849) | (4,266) | (3,917) | |
Net finance expense | (1,802) | (563) | (1,442) | (1,098) | |
Group profit before taxation | 62,195 | 51,283 | 111,974 | 98,292 | |
Taxation | (12,590) | (11,646) | (25,260) | (25,858) | |
Group profit after taxation | 49,605 | 39,637 | 86,714 | 72,434 |
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* Adjustments include the amortisation of acquired intangible assets, acquisition transaction costs, adjustments to contingent purchase consideration (including any arising from foreign exchange revaluation) and profit on disposal of continuing operations, which are analysed as follows: |
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26 weeks to 29 September 2012 | ||||||
Acquisition costs | ||||||
Amortisation of acquired intangible assets Β£000 | Transactioncosts Β Β Β£000 | Adjustments to contingentconsideration Β£000 | Total amortisation charge and acquisition costs Β£000 | Disposal of continuing operations Β£000 | Total Β£000 | |
Process Safety | (301) | - | - | (301) | 8,188 | 7,887 |
Infrastructure Safety | -Β | - | - | - | - | - |
Medical | (4,298) | (1,173) | 1,126 | (4,345) | - | (4,345) |
Environmental & Analysis | (1,830) | (295) | - | (2,125) | - | (2,125) |
Total Group | (6,429) | (1,468) | 1,126 | (6,771) | 8,188 | 1,417 |
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Β 26 weeks to 1 October 2011 Β | |||||||
Acquisition costs | |||||||
Amortisation of acquired intangible assets Β£000 | Transactioncosts Β Β Β£000 | Adjustments to contingentconsideration Β£000 | Total amortisation charge and acquisition costs Β£000 | Disposal of continuing operations Β£000 | Total Β£000 | ||
Process Safety | (244) | (45) | - | (289) | - | (289) | |
Infrastructure Safety | - | - | - | - | - | - | |
Medical | (3,866) | (61) | (962) | (4,889) | - | (4,889) | |
Environmental & Analysis | (1,035) | (5) | - | (1,040) | - | (1,040) | |
Total Group | (5,145) | (111) | (962) | (6,218) | - | (6,218) | |
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Β | Β | Β | Β | 52 weeks to 31 March 2012 Β | |||
Acquisition costs | |||||||
Amortisation of acquired intangible assets Β£000 | Transactioncosts Β Β Β£000 | Adjustments to contingentconsideration Β£000 | Total amortisation charge and acquisition costs Β£000 | Disposal of continuing operations Β£000 | Total Β£000 | ||
Process Safety | (548) | (51) | - | (599) | - | (599) | |
Infrastructure Safety | - | - | 177 | 177 | - | 177 | |
Medical | (7,599) | (409) | (729) | (8,737) | 3,543 | (5,194) | |
Environmental & Analysis | (2,205) | (258) | (412) | (2,875) | - | (2,875) | |
Total Group | (10,352) | (718) | (964) | (12,034) | 3,543 | (8,491) | |
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52 weeks to 2 April 2011 Β | ||||||
Acquisition costs | ||||||
Amortisation of acquired intangible assets Β£000 | Transactioncosts Β Β Β£000 | Adjustments to contingentconsideration Β£000 | Total amortisation charge and acquisition costs Β£000 | Disposal of continuing operations Β£000 | Total Β£000 | |
Process Safety | (279) | - | - | (279) | - | (279) |
Infrastructure Safety | - | (42) | - | (42) | - | (42) |
Medical | (3,278) | (1,183) | (231) | (4,692) | - | (4,692) |
Environmental & Analysis | (1,203) | (43) | - | (1,246) | - | (1,246) |
Total Group | (4,760) | (1,268) | (231) | (6,259) | - | (6,259) |
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Reconciliation of old to new sectors: Β The former Health & Analysis sector's results comprise the combined results of the Medical and Environmental & Analysis sectors. Process Safety (formerly Industrial Safety) and Infrastructure Safety (formerly Infrastructure Sensors) sectors' results are unchanged. Therefore, reconciliations to only the Health & Analysis sector's results are shown below. |
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26 weeks | 52 weeks | ||||
29 September 2012 Β£000 | 1 October 2011 Β£000 | 31 March 2012Β£000 | 2 April 2011 Β£000 | ||
Revenue | |||||
Medical | 59,787 | 48,554 | 100,361 | 82,173 | |
Environmental & Analysis | 75,499 | 72,547 | 153,351 | 136,165 | |
Inter-segmental sales between Medical and Environmental & Analysis | Β (129) | Β (31) | Β (65) | Β (8) | |
Total (formerly Health & Analysis) | 135,157 | 121,070 | 253,647 | 218,330 | |
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Segment profit before adjustments* | |||||
Medical | 15,388 | 13,152 | 26,252 | 20,425 | |
Environmental & Analysis | 15,498 | 14,801 | 31,596 | 25,683 | |
Total (formerly Health & Analysis) | 30,886 | 27,953 | 57,848 | 46,108 | |
Segment profit after adjustments* | |||||
Medical | 11,043 | 8,263 | 21,058 | 15,733 | |
Environmental & Analysis | 13,373 | 13,761 | 28,721 | 24,437 | |
Total (formerly Health & Analysis) | 24,416 | 22,024 | 49,779 | 40,170 |
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* Adjustments include the amortisation of acquired intangible assets, acquisition transaction costs, adjustments to contingent purchase consideration (including any arising from foreign exchange revaluation) and profit on disposal of continuing operations. Β Β Β Β APPENDIX B Β Growth drivers and major end-markets by sector |
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Halma Growth Drivers | Major end-markets | |||
Health & Safety | Healthcare | Life-critical resources | ||
Process Safety | Β ΓΌ Β | Β ΓΌ Β | Oil & Gas; Process industries | |
Infrastructure Safety | Β ΓΌ Β | Fire; Access control & safety | ||
Medical | Β ΓΌ Β | Ophthalmology; Blood pressure monitoring | ||
Environmental & Analysis | Β ΓΌ Β | Β ΓΌ Β | Water, Scientific research & analysis (including Life Sciences); Environmental monitoring | |
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