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Key Financial Data
2021 Full Year Results
Grafton Group plc announced its Full Year Results for 2021 on Thursday 24 February 2022 at 07:00 (GMT).
View the results announcement in PDF format here.
Key Financial Data for the period ended 31 December 2021:
Continuing Operations1 | 2021 | 20202 (restated) | Change |
Revenue | £2,110m | £1,679m | +25.6% |
Adjusted3 operating profit | £288.0m | £170.6m | +68.8% |
Adjusted operating profit before property profit4 | £271.2m | £170.7m | +58.9% |
Adjusted operating profit margin before property profit | 12.9% | 10.2% | +270bps |
Adjusted profit before tax | £268.6m | £146.4m | +83.5% |
Adjusted earnings per share | 93.0p | 50.3p | +84.9% |
Dividend | 30.5p | 14.5p | +110.3% |
Adjusted return on capital employed (ROCE) | 19.4% | 11.9% | +750bps |
Net cash (before IFRS 16 leases) 5 | £588.0m | £181.9m | +£406.1m |
Net cash/(debt) – (including IFRS 16 leases) 6 | £139.0m | (£355.0m) | +£494.0m |
Statutory Results – Continuing Operations | 2021 | 2020 (restated) | Change |
Operating profit | £269.2m | £157.8m | +70.6% |
Profit before tax | £249.8m | £133.6m | +87.0% |
Basic earnings per share | 86.4p | 45.9p | +88.3% |
1 Supplementary financial information in relation to Alternative Performance Measures (APMs) is set out on pages 44 to 49 of the announcement.
2 The results for 2020 have been restated as the Traditional Merchanting Business in Great Britain is now classified as a discontinued operation. Details are set out in Note 14.
3 The term “Adjusted” means before exceptional items and acquisition related items. Please refer to APMs on page 44 for details of acquisition related items. The adjustment of acquisition related items is a change on previous years and thus the 2020 comparative APM’s have been restated to conform to current year presentation.
4 The property profit from continuing operations amounted to £16.7 million in 2021 whereas this was a loss of £0.1 million in 2020.
5 Net cash from total operations (before IFRS 16 lease liabilities), which includes cash of the discontinued operations in 2020.
6 Net cash/(debt) from total operations (including IFRS 16 lease liabilities), which includes the discontinued operations in 2020.
Notes |
|
2021 £’000 | 2020 Restated £’000 | ||
Revenue | 2 |
| 2,109,909 | 1,679,247 | |
Operating costs |
| (1,857,487) | (1,518,868) | ||
Property profits/(losses) | 3 |
| 16,740 | (83) | |
Operating profit before exceptional items |
| 269,162 | 160,296 | ||
Exceptional items | 3 |
| - | (2,481) | |
Operating profit |
|
| 269,162 | 157,815 | |
Finance expense | 4 |
| (21,269) | (24,936) | |
Finance income | 4 |
| 1,904 | 698 | |
Profit before tax |
| 249,797 | 133,577 | ||
Income tax expense | 17 |
| (42,952) | (24,149) | |
Profit after tax for the financial year from continuing operations |
| 206,845 | 109,428 | ||
Profit/(loss) after tax from discontinued operations | 14 | 134,422 | (1,886) | ||
Profit after tax for the financial year | 341,267 | 107,542 | |||
|
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Profit attributable to: |
| ||||
Owners of the Company |
| 341,267 | 107,542 | ||
Profit attributable to: |
|
|
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Continuing operations |
|
| 206,845 | 109,428 | |
Discontinued operations |
|
| 134,422 | (1,886) | |
|
|
|
| ||
Earnings per ordinary share (continuing operations) - basic | 5 |
| 86.4p | 45.9p | |
Earnings per ordinary share (continuing operations) - diluted | 5 |
| 86.3p | 45.9p | |
Earnings per ordinary share (discontinued operations) - basic | 5 | 56.2p | (0.8p) | ||
Earnings per ordinary share (discontinued operations) - diluted | 5 | 56.1p | (0.8p) | ||
Earnings per ordinary share (total) - basic | 5 | 142.6p | 45.1p | ||
Earnings per ordinary share (total) - diluted | 5 | 142.3p | 45.1p |
Notes |
| 31 Dec 2021 | 31 Dec 2020 | ||
ASSETS |
|
| £’000 | £’000 | |
Non-current assets |
|
|
| ||
Goodwill | 15 |
| 599,810 | 704,064 | |
Intangible assets | 16 |
| 144,327 | 115,905 | |
Property, plant and equipment | 9 |
| 319,295 | 493,539 | |
Right-of-use asset | 8 |
| 421,254 | 505,922 | |
Investment properties | 9 |
| 26,527 | 12,328 | |
Deferred tax assets |
|
| 8,793 | 13,386 | |
Lease receivable |
|
| 881 | 2,015 | |
Retirement benefit assets | 13 |
| 3,596 | 2,099 | |
Other financial assets |
|
| 126 | 128 | |
Total non-current assets |
|
| 1,524,609 | 1,849,386 | |
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Current assets |
|
|
| ||
Properties held for sale | 9 |
| 6,125 | 18,058 | |
Inventories | 10 |
| 344,172 | 321,558 | |
Trade and other receivables | 10 |
| 233,486 | 336,944 | |
Lease receivable |
|
| 212 | 301 | |
Cash and cash equivalents | 11 |
| 844,663 | 456,028 | |
Total current assets |
|
| 1,428,658 | 1,132,889 | |
Total assets |
|
| 2,953,267 | 2,982,275 | |
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EQUITY |
|
|
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Equity share capital |
|
| 8,570 | 8,569 | |
Share premium account |
|
| 219,447 | 216,496 | |
Capital redemption reserve |
|
| 643 | 621 | |
Revaluation reserve |
|
| 12,519 | 12,733 | |
Shares to be issued reserve |
|
| 11,837 | 6,714 | |
Cash flow hedge reserve |
|
| (8) | (65) | |
Foreign currency translation reserve |
|
| 56,751 | 81,919 | |
Retained earnings |
|
| 1,413,737 | 1,143,933 | |
Treasury shares held |
|
| (3,897) | (3,897) | |
Equity attributable to owners of the Parent |
|
| 1,719,599 | 1,467,023 | |
Total equity |
|
| 1,719,599 | 1,467,023 | |
|
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LIABILITIES |
|
|
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Non-current liabilities |
|
|
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Interest-bearing loans and borrowings | 11 |
| 172,601 | 274,030 | |
Lease liabilities | 11 |
| 396,070 | 479,019 | |
Provisions |
|
| 14,862 | 20,620 | |
Retirement benefit obligations | 13 |
| 15,067 | 52,683 | |
Deferred tax liabilities | 17 |
| 56,402 | 54,399 | |
Total non-current liabilities |
|
| 655,002 | 880,751 | |
|
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Current liabilities |
|
|
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Interest-bearing loans and borrowings | 11 |
| 84,030 | - | |
Lease liabilities | 11 |
| 52,924 | 57,915 | |
Trade and other payables | 10 |
| 419,111 | 545,949 | |
Current income tax liabilities | 17 |
| 15,956 | 21,116 | |
Derivative financial instruments | 11 |
| 8 | 65 | |
Provisions |
|
| 6,637 | 9,456 | |
Total current liabilities |
|
| 578,666 | 634,501 | |
Total liabilities |
|
| 1,233,668 | 1,515,252 | |
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Total equity and liabilities |
|
| 2,953,267 | 2,982,275 |