View the full 2020 Half Year Results in PDF format

¹ Supplementary financial information in relation to Alternative Performance Measures (APMs) is set out on pages 37 to 46 of the Half Year Results.

² H1 2019 has now been restated as the Plumbase business is now classified as a discontinued operation. Details are set out in Note 14 and in the APM’s.

³ The term “Adjusted” means before exceptional items and amortisation of intangible assets arising on acquisitions in both periods.

Highlights                     

• Revenue down 19% and adjusted operating profit in continuing operations down 61% due to Covid-19 pandemic
• Strong recovery in RMI markets across all geographies
• Exceptional performance by Woodie’s following 51 days of suspended trading
• Netherlands business remained open with increased scale and profitability following Polvo acquisition
• Strong cash flow from operations of £121.5 million (2019: £157.2 million)
• Net cash position (pre IFRS 16) increases to £58.6 million (31 December 2019: £7.8 million)
• Liquidity of £693.4 million at 30 June 2020 (30 June 2019: £628.6 million)
• Encouraging start to second half with average daily like-for-like revenue up by 3.8%

"We are very pleased with the performance of our business which was made possible by the outstanding efforts and commitment of colleagues in a half year outturn that demonstrates the resilience and the cash generative qualities of our Group and the agility of our management teams in responding to the Covid-19 pandemic.   Grafton’s resilience, market positioning and geographic diversity together with its low debt and strong liquidity leaves the Group well positioned for continuing progress. We are very encouraged by the performance of the Group in recent months as it emerged in a strong position from the Covid-19 lockdown and based on current trends the Group should deliver a similar level of adjusted operating profit in the second half to the comparable period last year."

Gavin Slark Chief Executive Officer

Webcast and Conference Call Details

A pre-recorded results presentation and a copy of the results presentation document are available at 7:00am today via the home page of the Company’s website www.graftonplc.com.

A live audio conference call for analysts and investors will be hosted by Gavin Slark and David Arnold at 9:30am today.   If investors would like to listen to the conference call, they can do so via the “Live Audio Conference Call” webcast link on the home page of the Company’s website www.graftonplc.com.

Analysts will be invited to raise questions on the call.  Should investors wish to submit a question in advance, they can do so before 8.45am today by sending an email to [email protected].  A recording of the call will be available on the Company’s website later today.

Enquiries:

Grafton Group plc + 353 1 216 0600

Gavin Slark, Chief Executive Officer

David Arnold, Chief Financial Officer

Murray + 353 1 498 0300

Pat Walsh

MHP Communications + 44 20 3128 8549

Tim Rowntree/Rachel Mann

Cautionary Statement

Certain statements made in this announcement are forward-looking statements.  Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied by these forward looking statements.  They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of Directors and senior management concerning, amongst other things, the results of operations, financial condition, liquidity, prospects, growth, strategies and the businesses operated by the Group.  The Directors do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.