Halma

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Half Year Report 2012/13

6 Earnings per ordinary share

Basic earnings per ordinary share are calculated using the weighted average of 377,388,541 (1 October 2011: 376,659,210; 31 March 2012: 376,926,013) shares in issue during the period (net of shares purchased by the Company and held as treasury shares). Diluted earnings per ordinary share are calculated using 377,927,267 (1 October 2011: 377,319,197; 31 March 2012: 377,473,142) shares which includes dilutive potential ordinary shares of 538,726 (1 October 2011: 659,987; 31 March 2012: 547,129). Dilutive potential ordinary shares are calculated from those exercisable share options where the exercise price is less than the average price of the Company's ordinary shares during the period.

Adjusted earnings are calculated as earnings from continuing operations excluding the amortisation of acquired intangible assets, acquisition transaction costs, movement on contingent consideration and profit on disposal of continuing operations after tax.
The Directors consider that adjusted earnings represent a more consistent measure of underlying performance. A reconciliation of earnings and the effect on basic earnings per share figures is presented below:

 

Unaudited
26 weeks to 29 September
2012
£000

Unaudited
26 weeks to
1 October
2011
£000

Audited
52 weeks to
31 March
 2012
£000

Earnings from continuing operations

49,605

39,637

86,714

Add back amortisation of acquired intangible assets (after tax)

4,530

3,783

7,561

Acquisition transaction costs (after tax)

1,468

111

691

Adjustments to contingent consideration (after tax)

(859)

712

786

Profit on disposal of continuing operations (after tax)

(8,188)

(3,543)

Adjusted earnings

46,556

44,243

92,209

 

Per ordinary share

 

Unaudited
26 weeks to 29 September
2012
pence

Unaudited
26 weeks to
1 October
2011
pence

Audited
52 weeks to
31 March
 2012
pence

Earnings from continuing operations

13.14

10.52

23.01

Add back amortisation of acquired intangible assets (after tax)

1.21

1.01

2.00

Acquisition transaction costs (after tax)

0.39

0.03

0.18

Adjustments to contingent consideration (after tax)

(0.23)

0.19

0.21

Profit on disposal of continuing operations (after tax)

(2.17)

(0.94)

Adjusted earnings

12.34

11.75

24.46