Metalrax PLC - Annual Report 2011.pdf

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1、MetalraxGroupPLCAnnualReportfortheyearended31December201111MetalraxGroupPLCAnnualReportfortheyearended31December2011StockCode:MRX21073.0417/04/2012Proof621073.0417/04/2012Proof6WhatwedoContentsDesign,manufactureandsupplyspecialistengineeringBusinessReviewproductswo

2、rldwide1Highlights2DeliveringourStrategyWetargetnichemarketswherewecanshapesignificant4GroupOverviewbarrierstoentryandwhichcansupportlong-termgrowth7Chairman’sStatement8ChiefExecutive’sOperatingandFinancialReview14PrincipalRisksandUncertaintiesGovernanceReportWhywe

3、dothis16BoardofDirectors17ReportoftheDirectors19CorporateGovernanceWellmanagedandfocusedspecialistengineeringgroups22CorporateSocialResponsibilitycandeliverlong-termsustainablegrowthandhighreturns24Directors’RemunerationReportoninvestmentFinancialStatementsOurambit

4、ionistogrowMetalraxGrouptodothis28IndependentAuditor’sReport29ConsolidatedIncomeStatement30ConsolidatedStatementofComprehensiveIncome31ConsolidatedBalanceSheet32CompanyBalanceSheetWhyinvestinus33CashFlowStatements34ConsolidatedStatementofChangesinEquityWehavedemons

5、tratedourabilitytodeliver35ParentCompanyStatementbyturningtheGrouparoundandgettingitbackintoprofitofChangesinEquity36NotestotheFinancialStatementsTherefocusedGroupisthespringboardtofurther69ShareholderInformationprofitablegrowth70FiveYearRecord71NoticeofAnnualGener

6、alMeeting73GroupOperations,DirectorsandAdvisersWhatweplantodoContinuetogrowourrevenuesprofitablyGeneratecashtoreducedebtandthenfinancefurtherorganicandacquisitivegrowth21073.0417/04/2012Proof621073.0417/04/2012Proof6MetalraxGroupPLCStockcode:MRX01AnnualReport2011Hi

7、ghlightsFinancialHighlightsOngoingrevenues(£’m)Ongoingrevenuesfromcontinuingactivitiesareup5.0%to£63.0m(2010:£60.0m).5.0%upOngoinggrossmarginshaveimprovedyear-on-yearby0.6%to26.0%(2010:25.4%),principallyarisingfromtherecoveryofrawmaterialpriceincreasesinH2,manufact

8、uringto£63.0mefficienciesandreducedcosts.Asanticipatedatthehalfyear,therehasbeenastrong2010:£60.0mimprovementinmarginsinH2of2.7%followingthedecre