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Key Financial Data
2022 Full Year Results
Grafton Group plc announced its Full Year Results for 2022 on Thursday 2 March 2023 at 07:00 (GMT).
View the results announcement in PDF format here
Key Financial Data for the period ended 31 December 2022:
Continuing Operations1 | 2022 | 20212 | Change |
Revenue | £2,301m | £2,110m | +9.1% |
Adjusted3 operating profit | £285.9m | £288.0m | (0.7%) |
Adjusted operating profit before property profit3 | £260.5m | £271.2m | (4.0%) |
Adjusted operating profit margin before property profit | 11.3% | 12.9% | (160bps) |
Adjusted profit before tax3 | £273.3m | £268.6m | +1.7% |
Adjusted earnings per share3 | 96.6p | 93.0p | +3.9% |
Dividend | 33.0p | 30.5p | +8.2% |
Adjusted return on capital employed (ROCE) 3 | 17.2% | 19.4% | (220bps) |
Net cash (before IFRS 16 leases) | £458.2m | £588.0m | (£129.8m) |
Net cash – (including IFRS 16 leases) | £8.9m | £139.0m | (£130.1m) |
Statutory Results – Continuing Operations | 2022 | 2021 | Change |
Operating profit | £264.3m | £269.2m | (1.8%) |
Profit before tax | £251.7m | £249.8m | +0.8% |
Basic earnings per share | 89.3p | 86.4p | +3.4% |
1 Supplementary financial information in relation to Alternative Performance Measures (APMs) is set out on pages 42 to 47.
2 The 2021 results do not include the traditional merchanting business in Great Britain that was divested in 2021 and classified as discontinued operations.
3 The term “Adjusted” means before exceptional items, amortisation of intangible assets arising on acquisitions and acquisition related items in both years.
Notes |
|
2022 £’000 | 2021 £’000 | ||
Revenue | 2 |
| 2,301,482 | 2,109,909 | |
Operating costs |
| (2,062,597) | (1,857,487) | ||
Property profits | 3 |
| 25,381 | 16,740 | |
Operating profit |
|
| 264,266 | 269,162 | |
Finance expense | 4 |
| (21,273) | (21,269) | |
Finance income | 4 |
| 8,690 | 1,904 | |
Profit before tax |
| 251,683 | 249,797 | ||
Income tax expense | 17 |
| (43,065) | (42,952) | |
Profit after tax for the financial year from continuing operations |
| 208,618 | 206,845 | ||
Profit after tax from discontinued operations | 14 | - | 134,422 | ||
Profit after tax for the financial year | 208,618 | 341,267 | |||
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Profit attributable to: |
| ||||
Owners of the Company |
| 208,618 | 341,267 | ||
Profit attributable to: |
|
|
| ||
Continuing operations |
|
| 208,618 | 206,845 | |
Discontinued operations |
|
| - | 134,422 | |
|
|
|
| ||
Earnings per ordinary share (continuing operations) - basic | 5 |
| 89.3p | 86.4p | |
Earnings per ordinary share (continuing operations) - diluted | 5 |
| 89.2p | 86.3p | |
Earnings per ordinary share (discontinued operations) - basic | 5 | - | 56.2p | ||
Earnings per ordinary share (discontinued operations) - diluted | 5 | - | 56.1p | ||
Earnings per ordinary share (total) - basic | 5 | 89.3p | 142.6p | ||
Earnings per ordinary share (total) - diluted | 5 | 89.2p | 142.3p |
Notes |
| 31 Dec 2022 | 31 Dec 2021 | ||
ASSETS |
|
| £’000 | £’000 | |
Non-current assets |
|
|
| ||
Goodwill | 15 |
| 635,751 | 599,810 | |
Intangible assets | 16 |
| 153,712 | 144,327 | |
Property, plant and equipment | 9 |
| 354,402 | 319,295 | |
Right-of-use asset | 8 |
| 420,115 | 421,254 | |
Investment properties | 9 |
| 26,084 | 26,527 | |
Deferred tax assets | 17 |
| 8,063 | 8,793 | |
Lease receivable |
|
| 453 | 881 | |
Retirement benefit assets | 13 |
| 4,584 | 3,596 | |
Other financial assets |
|
| 129 | 126 | |
Total non-current assets |
|
| 1,603,293 | 1,524,609 | |
|
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Current assets |
|
|
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Properties held for sale | 9 |
| 4,364 | 6,125 | |
Inventories | 10 |
| 399,565 | 344,172 | |
Trade and other receivables | 10 |
| 267,694 | 233,486 | |
Lease receivable |
|
| 196 | 212 | |
Cash and cash equivalents | 11 |
| 711,721 | 844,663 | |
Total current assets |
|
| 1,383,540 | 1,428,658 | |
Total assets |
|
| 2,986,833 | 2,953,267 | |
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EQUITY |
|
|
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Equity share capital |
|
| 7,870 | 8,570 | |
Share premium account |
|
| 221,975 | 219,447 | |
Capital redemption reserve |
|
| 1,389 | 643 | |
Revaluation reserve |
|
| 12,375 | 12,519 | |
Shares to be issued reserve |
|
| 8,647 | 11,837 | |
Cash flow hedge reserve |
|
| (37) | (8) | |
Foreign currency translation reserve |
|
| 87,492 | 56,751 | |
Retained earnings |
|
| 1,411,053 | 1,413,737 | |
Treasury shares held |
|
| (5,185) | (3,897) | |
Equity attributable to owners of the Parent |
|
| 1,745,579 | 1,719,599 | |
Total equity |
|
| 1,745,579 | 1,719,599 | |
|
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LIABILITIES |
|
|
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Non-current liabilities |
|
|
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Interest-bearing loans and borrowings | 11 |
| 253,502 | 172,601 | |
Lease liabilities | 11 |
| 389,198 | 396,070 | |
Provisions |
|
| 15,189 | 14,862 | |
Retirement benefit obligations | 13 |
| 15,068 | 15,067 | |
Deferred tax liabilities | 17 |
| 61,011 | 56,402 | |
Total non-current liabilities |
|
| 733,968 | 655,002 | |
|
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Current liabilities |
|
|
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Interest-bearing loans and borrowings | 11 |
| - | 84,030 | |
Lease liabilities | 11 |
| 60,105 | 52,924 | |
Trade and other payables | 10 |
| 420,653 | 419,111 | |
Current income tax liabilities |
|
| 20,595 | 15,956 | |
Derivative financial instruments | 11 |
| 29 | 8 | |
Provisions |
|
| 5,904 | 6,637 | |
Total current liabilities |
|
| 507,286 | 578,666 | |
Total liabilities |
|
| 1,241,254 | 1,233,668 | |
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Total equity and liabilities |
|
| 2,986,833 | 2,953,267 |