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2008 Performance*

  • Group results significantly impacted by the decline in automotive related sales in the final quarter: sales up 12%, profit before tax down 35%, earnings per share down 32%.
  • Strong performance in non-automotive businesses: Aerospace sales up 22% and trading profit up 27%; OffHighway sales up 32% and trading profit up 38%.
  • Driveline secures 77% of available driveshafts business and over $3 billion of new business secured by Aerospace.
  • Filton acquisition completed creating future growth opportunities.
  • Net debt of £708 million as at 31 December 2008, leaves headroom of £402 million.
  • Board decided not to pay a final dividend.
  • Restructuring programme implemented in 2008 and further plans announced for 2009.

Statutory Basis

Profit/(loss) before tax
Earnings per share

Management Basis*

Profit before tax
Earnings per share

* Sales include share of joint ventures. Profit and earnings exclude restructuring and impairment charges, amortisation of non-operating intangible assets arising on business combinations, profits and losses on the sale or closures of businesses, change in the value of derivative and other financial instruments and profits arising on discontinued operations.

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