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.
Samir Brikho, Chief Executive

2014 results:

Key performance measures1

£m unless stated20142013ChangeUnderlying change
Continuing operations    
Scope revenue3,9203,854+2%+1%
Trading profit321343-6% 
Trading margin8.2%8.9%-70bps 
Adjusted profit before tax317332-5% 
Trading cash flow283341-17% 
Cash conversion88%99%-110bps 
Adjusted earnings per share79.5p87.2p-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 stated20142013Change
Continuing operations   
Profit before net financing expense148243-39%
Profit before tax155255-39%
Cash flow from operations200292-32%
Diluted earnings per share35.1p62.5p-44%
Dividend per share43.3p242.0p+3%

2 Includes the proposed final dividend for 2014 of 28.5p per ordinary share

Outlook statement:

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.