Report of the Directors
Business Review

Group Performance Review

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Financial Performance

    Year to 31st March  
    2013 2012 % change
Revenue £ million 10,729 12,023 -11
Sales excluding precious metals (sales) £ million 2,676 2,679
Operating profit £ million 380.5 433.4 -12
Profit before tax £ million 354.9 409.3 -13
Total earnings per share pence 134.6 148.7 -9
Underlying*:        
Operating profit £ million 414.8 450.1 -8
Profit before tax £ million 389.2 426.0 -9
Earnings per share pence 150.0 153.7 -2
*
Before amortisation of acquired intangibles, major impairment and restructuring charges, profit or loss on disposal of businesses and, where relevant, related tax effects.

After two very strong years, continued growth in Environmental Technologies Division in 2012/13 was more than offset by a poor performance from our Precious Metal Products Division and a weaker year for Fine Chemicals Division.

Sales

Revenue for the year ended 31st March 2013 was 11% below last year at £10.7 billion. The group’s sales were unchanged from last year at £2.7 billion. Translated at constant exchange rates, revenue for the year was 11% down and sales grew slightly by 1%.

Operating Profit

For the group as a whole, underlying operating profit (before amortisation of acquired intangibles, major impairment and restructuring charges) was 8% lower than last year at £414.8 million, while underlying profit before tax was 9% lower at £389.2 million. The group’s underlying return on sales decreased from 16.8% last year to 15.5%, primarily due to the poor performance in Precious Metal Products Division’s higher margin Services businesses.

The performance of the individual businesses is explained in more detail in the Financial Review of Operations section.

Sales by Division
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Divisional Sales
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Sales by Destination
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Divisional Underlying Operating Profit
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