I am pleased to report that we have delivered 2014 results in line with expectations. Looking ahead, I believe our low-risk, multi-market model combined with the additional benefits from our integration and cost savings programmes, is a strong platform from which to create long-term value for shareholders.
Key performance measures1
|£m unless stated||2014||2013||Change||Underlying change|
|Adjusted profit before tax||317||332||-5%|
|Trading cash flow||283||341||-17%|
|Adjusted earnings per share||79.5p||87.2p||-9%|
1 Adjusted performance measures used by the Group are reconciled to the equivalent IFRS measures in the section entitled ‘Performance measures’
Reported under IFRS
|£m unless stated||2014||2013||Change|
|Profit before net financing expense||148||243||-39%|
|Profit before tax||155||255||-39%|
|Cash flow from operations||200||292||-32%|
|Diluted earnings per share||35.1p||62.5p||-44%|
|Dividend per share||43.3p2||42.0p||+3%|
2 Includes the proposed final dividend for 2014 of 28.5p per ordinary share
For 2015, we expect to see a continuation of recent trends – with growth in Clean Energy, downstream and Middle Eastern Oil & Gas markets offsetting tougher conditions elsewhere. This mix of performance, together with the increased customer pricing pressure and cost saving plans, is expected to lead to a modest reduction in like-for-like trading margins.
On current market forecasts, the reversal of the currency headwinds we experienced in 2014 will add approximately £150 million to scope revenue.