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Interim Results

Alent adjusted pre-tax profits fall

31 July 2015 08:20

Alent's adjusted pre-tax profits fell to £42.8m in the six months to the end of June - 0.2% lower on a reported basis and 1.8% down at constant currencies.

Net sales value rose to £205.2m from £201.3m - up 0.5% at constant currencies - and adjusted operating profits increased to £45.0m from £44.0m.

Statutory pre-tax profits fell by 5.7% to £39.4m.

The group said adjusted earnings per share of 12.1 pence were in line with market expectations.

Chief executive Andrew Heath said: "I am pleased to report that trading during the six month period to 30 June 2015 was broadly in line with our expectations. Pricing remained robust, with positive mix from growth in our higher margin business helping to offset end-market headwinds. This helped to deliver stable NSV margin in the period, whilst we made further progress in our Investing for Growth programme. We continue to expect normal seasonal improvement in the second half of the financial year.

"Post the period end, we reached agreement on the terms of the acquisition of Alent plc by Platform Specialty Products Corporation. The significant premium being offered by Platform recognises the progress Alent has made in the last three years, the opportunities in front of us and the overall quality of the business, whilst also presenting a clear opportunity for our shareholders to realise the full value of their investment earlier. Our Board is unanimous in its recommendation of the proposed Transaction."

At 8:20am: (LON:ALNT) Alent share price was +1.35p at 476.85p

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