Download the 2010 results*
Financial Summary 12 months to 31 December 2010
Revenue up 3.1% from £221.1m to £227.9m
- Return to growth in the second quarter of 2010.
- Improving sales trend throughout the year with growth increasing to 8.4% in the fourth quarter of 2010.
Increase in Adjusted EBITDA
- Adjusted EBITDA (before restructuring costs and management fee to private equity investor) increased by 3.7% from £43.0m to £44.6m.
Solid financial position
- Issued £155m of senior loan notes in October 2010 and repaid a portion of the senior bank facilities.
- No repayments scheduled on the senior bank facilities until 2016 and beyond with the senior loan notes repayable in 2018.
- £35.9m of committed but undrawn facilities at the end of 2010.
Operational summary and current developments
Resilient profitability and cash flow generation
- Highly diversified across business sectors, geographies and customers providing a natural hedge against regional and business specific downturns.
- Well invested asset base with flexible capital expenditure profile supporting resilient cash flow generation.
Investment for long term growth
- Strengthened management team in 2010 including new President in the Americas, Group HR Director and four new sector directors.
- Realigned the sales organisation, systems, sales processes, incentives and rewards.
- Appointment of new CEO, Ian El-Mokadem, in 2011 to lead the business through the next stage of profitable growth.
Focus on customer service and operational excellence
- Appointment of Group Technical Director in 2011 to implement a new technical leadership structure.
- Roll out of ‘Lean’ operational best practice.
- Market and business performance trends in 2010 suggest continued recovery in many of the Group’s sectors in 2011.
- Business well positioned for growth both organically as markets recover and by bolt-on acquisitions should attractive opportunities arise.
- Continued development of people, processes, expertise and investment in technologies to support our clients’ ambitions.