08 November 2011

Interim Results for the six months to 30 September 2011

Solid first half performance

Umeco, the global provider of advanced composite materials primarily to the aerospace & defence, wind energy, automotive and recreation industries, announces its interim results for the six months to 30 September 2011.

Financial summary – continuing operations

	2011 £ million	2010 £ million	Change Per cent
Revenue	105.7	98.5	+ 7.3
Adjusted operating profit*	9.4	9.2	+ 2.2
Adjusted profit before tax*	8.3	7.7	+ 7.8
	Pence	Pence	Change Per cent
Adjusted earnings per share*	11.4	11.4	-
	£ million	£ million
Net cash/(debt)	10.5	(64.8)

* a definition of adjusted measures is set out in note 1 to this press release.

Financial highlights – continuing operations

• Revenue of £105.7 million, up 7.3 per cent despite slower demand from the Chinese wind market in second quarter
• Adjusted operating profit of £9.4 million, up 2.2 per cent
• Adjusted profit before tax increased by 7.8 per cent and adjusted earnings per share of 11.4 pence
• Strengthened balance sheet following sale of Pattonair, with net cash ahead of the Board’s expectations at £10.5 million
• Interim dividend of 4.00 pence per share

Operational highlights

• Completed acquisition of Fenotec Ges.i.L assets in August for €2.2 million bringing us closer to Continental European customers
• Opened China joint venture in September on budget and ahead of schedule – establishes presence in the world’s largest wind energy market and an important opportunity for Umeco
• All Nippon Airlines took delivery of Boeing’s first 787 in September, an aircraft manufactured with Umeco’s materials
• Appointed to the Board of the National Composites Centre in June 2011, recognising the Group’s leading role in the development of new composite manufacturing technologies and systems

Andrew Moss, Chief Executive of Umeco, said:

“We have delivered a solid first half performance with profits in line with our expectations. In the past six months, we have made significant progress with the successful disposal of Pattonair enabling us to focus on enhancing our position as a leading global composite materials and solutions business. We also acquired high quality assets for our new business in Germany and opened our joint venture in China, giving us a foothold in the world's largest wind energy market.

We have a focused growth strategy to concentrate on high quality business segments in our key long term growth markets that command attractive margins and to build our footprint in emerging markets. We are well positioned to achieve this by continuing to invest in leading edge innovative technology, knowhow and delivering superior levels of service.

While the macroeconomic environment makes the short term outlook less predictable, we remain confident in achieving a full year result in line with our expectations. We are excited by the medium and long term growth prospects and the potential to generate significant shareholder value as we capitalise on the structural growth opportunities for advanced composite materials in existing and emerging markets.”

- Ends -

There will be a meeting for analysts at 9.00am this morning at Investec, 2 Gresham Street, London EC2V 7QP. Should you wish to attend please contact Natasha Taylor at Tulchan on ntaylor@tulchangroup.com or 0207 353 4200.

Conference call details for those who cannot attend in person:

Dial in:	+44 (0) 203 140 0668
Conference ID:	190466

For further information, please contact:

Umeco plc	Tel: +44 (0) 1926 331 802
Andrew Moss, Chief Executive Steve Bowers, Finance Director www.umeco.com
Tulchan Communications	Tel: +44 (0) 207 353 4200
Christian Cowley James Macey White

View the full Press Release

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