2019 Final Results
Grafton Group plc announced its 2019 Final Results on Thursday 27th February 2020, at 07:00 (GMT).
View the results announcement in PDF format here.
Key Financial Data for the period ended 31 December 2019.
| Pre IFRS 16 | ||||
| £m1 | 20192 | 2019 | 20183 | Change4 |
| Revenue - total | 2,924 | 2,924 | 2,953 | (1%) |
| Revenue - continuing operations | 2,672 | 2,672 | 2,603 | +3% |
| Revenue - discontinued operations | 252 | 252 | 350 | (28%) |
| Adjusted5 | ||||
| Operating profit - continuiung operations | 204.8 | 194.3 | 187.6 | +4% |
| Operating profit - discontinued operations | 6.5 | 5.4 | 6.9 | (23%) |
| Operating profit - all operations | 211.3 | 199.7 | 194.5 | +3% |
| Earnings per share - basic (continuing operations) | 62.8p | 66.0p | 63.7p | +4% |
| Statutory results | ||||
| Operating profit - continuing operations | 197.8 | 187.3 | 180.5 | +4% |
| Profit before tax - continuing operations | 172.6 | 181.8 | 174.4 | +4% |
| Earnings per share - basic (continuing operations) | 60.5p | 63.7p | 60.9p | +5% |
| Dividend | 19.0p | 19.0p | 18.0p | +6% |
| Net debt/(cash) | 533.8 | (7.8) | 53.1 | (£60.9m) |
| Adjusted operating margin pre property profit | 7.4% | 7.0% | 7.0% | - |
| Adjusted operating profit margin | 7.7% | 7.3% | 7.2% | +10bps |
| Return on capital employee | 12.7% | 14.4% | 14.7% | (30bps) |
Notes |
| 2019
£’000 | 2018 Restated £’000 | ||
Revenue | 2 |
| 2,672,281 | 2,603,120 | |
Operating costs |
| (2,481,392) | (2,427,445) | ||
Property profits | 3 |
| 6,894 | 4,854 | |
Operating profit |
| 197,783 | 180,529 | ||
Finance expense | 4 |
| (27,391) | (7,071) | |
Finance income | 4 |
| 2,249 | 944 | |
Profit before tax |
| 172,641 | 174,402 | ||
Income tax expense | 17 |
| (28,717) | (29,619) | |
Profit after tax for the financial period from continuing operations |
| 143,924 | 144,783 | ||
(Loss)/profit after tax from discontinued operations | 14 | (24,692) | 5,620 | ||
Profit after tax for the financial period | 119,232 | 150,403 | |||
|
| ||||
Profit attributable to: |
| ||||
Owners of the Company |
| 119,232 | 150,403 | ||
Profit attributable to: |
|
|
| ||
Continuing operations |
|
| 143,924 | 144,783 | |
Discontinued operations |
|
| (24,692) | 5,620 | |
|
|
|
| ||
Earnings per ordinary share (continuing operations) - basic | 5 |
| 60.5p | 60.9p | |
Earnings per ordinary share (continuing operations) - diluted | 5 |
| 60.3p | 60.8p | |
Earnings per ordinary share (discontinued operations) - basic | 5 | (10.4p) | 2.4p | ||
Earnings per ordinary share (discontinued operations) - diluted | 5 | (10.3p) | 2.4p | ||
Earnings per ordinary share (total) - basic | 50.1p | 63.3p | |||
Earnings per ordinary share (total) - diluted |
| 50.0p | 63.1p |
Notes |
| 31 Dec 2019 | 31 Dec 2018 | ||
ASSETS |
|
| £’000 | £’000 | |
Non-current assets |
|
|
| ||
Goodwill | 15 |
| 657,845 | 646,198 | |
Intangible assets | 16 |
| 103,268 | 79,809 | |
Property, plant and equipment | 9 |
| 500,924 | 521,631 | |
Right-of-use asset | 8 |
| 522,245 | - | |
Investment properties | 9 |
| 12,526 | 15,048 | |
Deferred tax assets |
|
| 7,600 | 9,395 | |
Lease receivable | 10 |
| 2,417 | - | |
Retirement benefit assets | 13 |
| 756 | 1,469 | |
Other financial assets |
|
| 127 | 123 | |
Total non-current assets |
|
| 1,807,708 | 1,273,673 | |
|
|
| |||
Current assets |
|
|
| ||
Properties held for sale | 9 |
| 16,274 | 11,595 | |
Inventories | 10 |
| 317,632 | 350,061 | |
Trade and other receivables | 10 |
| 388,023 | 451,245 | |
Lease receivable | 10 |
| 297 | - | |
Cash and cash equivalents | 11 |
| 348,787 | 222,984 | |
Derivative financial instruments | 11 |
| 7 | 49 | |
Total current assets |
|
| 1,071,020 | 1,035,934 | |
|
|
|
| ||
Total assets |
|
| 2,878,728 | 2,309,607 | |
|
|
| |||
EQUITY |
|
|
| ||
Equity share capital |
|
| 8,516 | 8,514 | |
Share premium account |
|
| 213,719 | 213,430 | |
Capital redemption reserve |
|
| 621 | 621 | |
Revaluation reserve |
|
| 12,954 | 13,146 | |
Shares to be issued reserve |
|
| 12,889 | 11,220 | |
Cash flow hedge reserve |
|
| 9 | (43) | |
Foreign currency translation reserve |
|
| 70,142 | 79,280 | |
Retained earnings |
|
| 1,047,698 | 974,271 | |
Treasury shares held |
|
| (3,897) | (3,897) | |
Total equity attributable to owners of the Parent |
|
| 1,362,651 | 1,296,542 | |
|
|
| |||
LIABILITIES |
|
|
| ||
Non-current liabilities |
|
|
| ||
Interest-bearing loans and borrowings | 11 |
| 339,261 | 273,476 | |
Lease liabilities | 11 |
| 487,999 | 1,774 | |
Provisions |
|
| 15,785 | 21,651 | |
Retirement benefit obligations | 13 |
| 21,939 | 21,632 | |
Derivative financial instruments | 11 |
| - | - | |
Deferred tax liabilities |
| 47,109 | 42,444 | ||
Total non-current liabilities |
|
| 912,093 | 360,977 | |
|
|
| |||
Current liabilities |
|
|
| ||
Interest-bearing loans and borrowings | 11 |
| - | 332 | |
Lease liabilities | 11 |
| 55,368 | 435 | |
Derivative financial instruments | 11 |
| - | 103 | |
Trade and other payables | 10 |
| 511,855 | 608,659 | |
Current income tax liabilities |
| 27,461 | 33,036 | ||
Provisions |
|
| 9,300 | 9,523 | |
Total current liabilities |
|
| 603,984 | 652,088 | |
| |||||
Total liabilities |
|
| 1,516,077 | 1,013,065 | |
|
|
|
| ||
Total equity and liabilities |
|
| 2,878,728 | 2,309,607 |