Its operating profit margin also slipped from 11 per cent in the first quarter last year to 10.3 per cent this time. The results are the worst in any quarter for at least two years (see chart).
Profits were hit by adverse currency movements that reduced revenues by US$252 million and a doubling of finance costs from US$11 million to US$21.4 million.
Profits were hit by adverse currency movements that reduced revenues by US$252 million and a doubling of finance costs from US$11 million to US$21.4 million.
Revenues from the UK were particularly badly hit as sterling deteriorated against the dollar.
Group cash flow was also negative in the period as the company was less successful in converting operating profits into cash while at the same time suffering a squeeze on its net borrowings.
