2011 Interim Results
Released: 31/08/2011
Financial Highlights
Grafton Group plc announces its interim results for the six months ended 30 June 2011.
| | 2011 | 2010 | Change |
| Revenue | 1,008 m | 979 m | +3% |
| Adjusted operating profit* | 26.2 m | 18.7 m | +40% |
| Operating profit per income statement | 21.1 m | 14.8 m | +43% |
| Profit before tax | 15.1 m | 13.4 m | +13% |
| Profit after tax | 12.4 m | 12.9 m | -4% |
| EBITDA (before restructuring costs) | 47.3 m | 40.9 m | +16% |
| Adjusted earnings per share* | 7.2 c | 7.0 c | +3% |
| Basic earnings per share | 5.4 c | 5.6 c | -4% |
| Dividend | 2.75c | 2.5 c | +10% |
| Net debt | 245.8 m | 281.0 m | |
| Gearing | 26% | 29% | |
| | | | |
| * Before intangible amortisation 1.1m (2010: 1.1m) and restructuring costs 4.0m (2010: 2.9m) |
| | | | |
Highlights:
- Merchanting operating profit increased by 22% to 33.4m
- UK turnover and profits increase
- UK operating margin improved to 4.5%
- Cost reductions improve returns in weak Irish market
Financial:
- Strong cash flow from operations of 48.6m reduces gearing to 26%
- Renewed investment in asset replacement and development expenditure
- Further reduction in debt
- Agreement in principle to extend maturity profile of net debt to five years
Commenting on the outlook, Gavin Slark, Chief Executive Officer said:
The Group is well placed to deal with the continued difficult trading conditions in our core markets. A number of self help initiatives have been identified that will enable us to improve our performance in margins, costs control and cash generation. This leaves us in a strong position to take advantage of any economic upturn or expansion opportunities.
Conference Call
Grafton will host an Analysts conference call today at 8.30am (Irish Time) to discuss this announcement. The dial-in numbers are:
| Ireland: | +353 | 1 436 4265 |
| UK: | +44 | 208 817 9301 |
| US: | +1 718 | 354 1226 |
| Other Countries: | +353 | 1 436 4265 |
A replay of the conference call will be available from 11.30am (Irish Time). To access the recording, the dial-in numbers are:
| Ireland: | +353 | 1 436 4267 |
| UK: | +44 | 207 769 6425 |
| US: | +1 630 | 652 3111 |
| Other Countries: | +353 | 1 436 4267 |
The digital replay security code is: 5390987#
View the full 2011 Interim Results in PDF format.
