Group financial highlights

• Another strong half of delivery, with organic revenue growth and good profit and cash flow performances.
• Revenue from continuing activities up 1% at constant exchange rates. Organic revenue growth of 1%. Total Group revenue was US$1.9bn (2008: US$2.0bn), after an adverse currency impact in the period.
• Strong margin progression. EBIT margin from continuing activities up 80 basis points to 24.0%, excluding FARES contribution.
• Continuing EBIT up 7% at constant exchange rates. Total EBIT of US$478m, in line with prior year at actual exchange rates.
• Profit before tax from continuing operations of US$351m (2008: US$318m). Benchmark profit before tax of US$437m, up 5%.
• Basic EPS of 24.5 US cents (2008: 25.5 US cents). Benchmark EPS of 31.6 US cents, up 3%. Expressed in £ sterling, Benchmark EPS was 20.1p, up 26%.
• Strong cash conversion in the half of 88% (2008: 83%).
• Net debt reduced by US$62m in the half to US$2,048m.
• First interim dividend of 7.00 US cents per ordinary share, an increase of 4%.

Revenue and EBIT by geography

		Revenue							EBIT
	Six months ended 30 September	2009 US$m		2008 US$m		Growth1 %			2009 US$m			2008 US$m			Growth1 %
	North America	1,010		1,025		(1	)		307			300			2
	Latin America	255		263		14			75			68			30
	UK and Ireland	387		473		-			106			122			5
	EMEA/Asia Pacific	205		212		5			19			17			27
	Sub total	1,857		1,973		1			507			507			7
	Central Activities2	-		-		-			(25	)		(27	)		n/a
	Continuing activities	1,857		1,973		1			482			480			7
	Discontinuing activities3	17		44		n/a			(4	)		(4	)		n/a
	Total	1,874		2,017		-			478			476			7
	EBIT margin4								24.0%			23.2%

1	Total growth at constant exchange rates
2	Central Activities comprise costs of central corporate functions
3	Discontinuing activities include UK account processing and other smaller discontinuing activities
4	EBIT margin is for continuing business only, excluding FARES. Further analysis can be found in Appendix 1

 

Reconciliation of EBIT – continuing operations

		EBIT
	Six months ended 30 September	2009 US$m		2008 US$m
	EBIT from continuing operations	478		476
	Net interest	(41	)	(60	)
	Benchmark PBT	437		416
	Exceptional items	(46	)	(33	)
	Amortisation of acquisition intangibles	(64	)	(70	)
	Charges for demerger-related equity incentive plans	(15	)	(21	)
	Financing fair value remeasurements	40		27
	Tax expense on share of profits of associates	(1	)	(1	)
	Profit before tax	351		318
	Group tax expense	(78	)	(42	)
	Profit after tax for continuing operations	273		276
	Benchmark EPS (US cents)	31.6		30.7
	Basic EPS for continuing operations (US cents)	25.3		25.9
	Weighted average number of ordinary shares (million)	1,015		1,011

See Appendix 1 for analysis of revenue and EBIT by business segment and Appendix 3 for reconciliation of revenue and EBIT by geography
See Appendix 2 for definition of non-GAAP measures

Roundings

Certain financial data have been rounded within this announcement. As a result of this rounding, the totals of data presented may vary slightly from the actual arithmetic totals of such data.

Certain statements made in this announcement are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results referred to in these forward looking statements.

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