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Key Financial Data
2021 Half Year Results
Grafton Group plc announced its Half Year Results for 2021 on Wednesday 25 August 2021 at 07:00 (GMT).
View the results announcement in PDF format here.
Key Financial Data for the period ended 30 June 2021:
Continuing Operations1 | H1 2021 | H1 20203 (restated) | Change |
Revenue | £1,028m | £704m | +46.1% |
Adjusted2 operating profit | £157.8m | £46.9m | +236.2% |
Adjusted operating profit before property profit | £142.4m | £46.9m | +203.9% |
Adjusted profit before tax | £148.6m | £33.8m | +340.1% |
Adjusted earnings per share | 50.4p | 11.1p | +355.2% |
Dividend | 8.5p | - | - |
Net cash (before IFRS 16 leases) 4 | £302.5m | £57.0m | +£245.5m |
Net (debt) – (including IFRS 16 leases) 5 | (£209.9m) | (£479.2m) | -£269.3m |
Statutory Results – Continuing Operations | H1 2021 | H1 2020 (restated) | Change |
Operating profit | £152.1m | £42.7m | +256.6% |
Profit before tax | £142.9m | £29.5m | +384.8% |
Basic earnings per share | 48.5p | 9.6p | +403.4% |
1 Supplementary financial information in relation to Alternative Performance Measures (APMs) is set out on pages 43 to 48 of the interim results announcement.
2 The term “Adjusted” means before exceptional items and amortisation of intangible assets arising on acquisitions in both years.
3 H1 2020 has now been restated as the Traditional Merchanting Business in Great Britain is now classified as a discontinued operation. Details are set out in Note 14.
4 Net cash from total operations (before IFRS 16 lease liabilities), which includes cash of the discontinued operations.
5 Net debt from total operations (including IFRS 16 lease liabilities), which includes the discontinued operations.
Notes |
| Six months to 30 June 2021 (unaudited)
£’000 | Six months to 30 June 2020 (unaudited) Restated £’000 | ||
Revenue | 2 |
| 1,027,787 | 703,675 | |
Operating costs |
| (891,081) | (661,101) | ||
Property profits | 3 |
| 15,418 | 83 | |
Operating profit |
| 152,124 | 42,657 | ||
Finance expense | 4 |
| (10,730) | (13,700) | |
Finance income | 4 |
| 1,490 | 515 | |
Profit before tax |
| 142,884 | 29,472 | ||
Income tax expense | 17 |
| (26,855) | (6,512) | |
Profit after tax for the financial period from continuing operations |
| 116,029 | 22,960 | ||
Profit/(loss) after tax from discontinued operations | 14 | 115,387 | (7,006) | ||
Profit after tax for the financial period | 231,416 | 15,954 | |||
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Profit attributable to: |
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Owners of the Company |
| 231,416 | 15,954 | ||
Profit attributable to: |
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Continuing operations |
|
| 116,029 | 22,960 | |
Discontinued operations |
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| 115,387 | (7,006) | |
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Earnings per ordinary share (continuing operations) - basic | 5 |
| 48.5p | 9.6p | |
Earnings per ordinary share (continuing operations) - diluted | 5 |
| 48.4p | 9.6p | |
Earnings per ordinary share (discontinued operations) - basic | 5 | 48.2p | (2.9p) | ||
Earnings per ordinary share (discontinued operations) - diluted | 5 | 48.2p | (2.9p) | ||
Earnings per ordinary share (total) - basic | 5 | 96.7p | 6.7p | ||
Earnings per ordinary share (total) - diluted | 5 | 96.6p | 6.7p |
Notes |
| 30 June 2021 (Unaudited) | 30 June 2020 (Unaudited) | 31 Dec 2020 (Audited) | |||
ASSETS |
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| £’000 | £’000 | £’000 | ||
Non-current assets |
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Goodwill | 15 |
| 570,132 | 676,450 | 704,064 | ||
Intangible assets | 16 |
| 81,506 | 99,764 | 115,905 | ||
Property, plant and equipment | 9 |
| 298,322 | 498,208 | 493,539 | ||
Right-of-use asset | 8 |
| 419,685 | 504,012 | 505,922 | ||
Investment properties | 9 |
| 27,491 | 12,752 | 12,328 | ||
Deferred tax assets |
|
| 10,441 | 12,143 | 13,386 | ||
Lease receivable |
|
| 259 | 2,266 | 2,015 | ||
Retirement benefit assets | 13 |
| 3,843 | 890 | 2,099 | ||
Other financial assets |
|
| 127 | 128 | 128 | ||
Total non-current assets |
|
| 1,411,806 | 1,806,613 | 1,849,386 | ||
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Current assets |
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Properties held for sale | 9 |
| 6,984 | 19,936 | 18,058 | ||
Inventories | 10 |
| 245,491 | 303,163 | 321,558 | ||
Trade and other receivables | 10 |
| 804,081 | 294,462 | 336,944 | ||
Lease receivable |
|
| 26 | 151 | 301 | ||
Derivative financial instruments | 11 |
| 113 | - | - | ||
Cash and cash equivalents | 11 |
| 460,428 | 422,988 | 456,028 | ||
Total current assets |
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| 1,517,123 | 1,040,700 | 1,132,889 | ||
Total assets |
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| 2,928,929 | 2,847,313 | 2,982,275 | ||
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EQUITY |
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Equity share capital |
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| 8,583 | 8,552 | 8,569 | ||
Share premium account |
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| 217,902 | 213,785 | 216,496 | ||
Capital redemption reserve |
|
| 621 | 621 | 621 | ||
Revaluation reserve |
|
| 12,631 | 12,864 | 12,733 | ||
Shares to be issued reserve |
|
| 8,749 | 8,745 | 6,714 | ||
Cash flow hedge reserve |
|
| 129 | (59) | (65) | ||
Foreign currency translation reserve |
|
| 67,522 | 86,176 | 81,919 | ||
Retained earnings |
|
| 1,324,927 | 1,049,926 | 1,143,933 | ||
Treasury shares held |
|
| (3,897) | (3,897) | (3,897) | ||
Equity attributable to owners of the Parent |
|
| 1,637,167 | 1,376,713 | 1,467,023 | ||
Total equity |
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| 1,637,167 | 1,376,713 | 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 |
| 261,821 | 364,308 | 274,030 | ||
Lease liabilities | 11 |
| 395,538 | 480,656 | 479,019 | ||
Provisions |
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| 15,663 | 17,742 | 20,620 | ||
Retirement benefit obligations | 13 |
| 37,146 | 45,572 | 52,683 | ||
Deferred tax liabilities | 17 |
| 42,301 | 49,342 | 54,399 | ||
Total non-current liabilities |
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| 752,469 | 957,620 | 880,751 | ||
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Current liabilities |
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Lease liabilities | 11 |
| 49,759 | 57,144 | 57,915 | ||
Trade and other payables | 10 |
| 461,812 | 424,154 | 545,949 | ||
Current income tax liabilities | 17 |
| 20,593 | 22,824 | 21,116 | ||
Derivative financial instruments | 11 |
| - | 62 | 65 | ||
Provisions |
|
| 7,129 | 8,796 | 9,456 | ||
Total current liabilities |
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| 539,293 | 512,980 | 634,501 | ||
Total liabilities |
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| 1,291,762 | 1,470,600 | 1,515,252 | ||
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Total equity and liabilities |
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| 2,928,929 | 2,847,313 | 2,982,275 |