Hellermanntyton sees double-digit growth across the board in H1
Hellermanntyton, the FTSE 250-listed cable ties specialist, said that revenues in the first half grew strongly at constant currency, helped by double-digit growth in each of its geographies.
However, while the company more than doubled its interim dividend, profits came in shy of analysts' expectations.
Hellermanntyton, which makes products for fastening, fixing, identification, insulation and protection, said revenue totalled €292.4m in the six months to 30 June, up 14.9% when excluding currency movements.
The firm said that improvements were seen across the board but growth was driven by strong performances in Europe, the Middle East and Africa (EMEA) and Asia.
Meanwhile, the automotive market performed particularly well, with sales up 19.9% at constant currency.
"The group continued to deliver good organic revenue and profit growth in the first half of 2014 across each of our geographic segments and broadly based growth by industry," said chief executive Steve Salmon.
Pre-tax profit improved to €34.65m from €21.83m a year earlier, while underlying earnings per share (EPS) rose 8.8% to 12.82 cents. However, analysts were looking for underlying EPS closer to 13.7 cents.
The dividend for the first half was hiked to 2.82 cents a share, up from 1.32 cents previously.
Looking ahead, Salmon said that order intake growth in the third quarter has "started well and we remain confident about the outlook for the full year".
BC