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2022 Half Year Results

Grafton Group plc announced its Half Year Results for 2022 on Thursday 24 August 2022 at 07:00 (GMT).

View the results announcement in PDF format here.

Key Financial Data for the period ended 30 June 2022:

Continuing Operations¹	H1 2022	H1 2021	Change
Revenue	£1,153m	£1,028m	+12.2%
Adjusted³ operating profit²	£151.1m	£158.0m	(4.4%)
Adjusted operating profit before property profit²	£132.6m	£142.6m	(7.0%)
Adjusted operating profit margin before property profit	11.5%	13.9%	(240bps)
Adjusted profit before tax²	£143.4m	£148.8m	(3.6%)
Adjusted earnings per share²	49.5p	50.5p	(1.9%)
Dividend per share	9.25p	8.50p	+8.8%
Adjusted return on capital employed (ROCE)²	18.8%	20.6%	(180bps)
Net cash (before IFRS 16 leases)	£520.5m	£198.7m	£321.8m
Net cash/(debt) – (including IFRS 16 leases)	£73.5m	(£246.6m)	£320.1m

Statutory Results – Continuing Operations	H1 2022	H1 2021	Change
Operating profit	£140.1m	£152.1m	(7.9%)
Profit before tax	£132.4m	£142.9m	(7.3%)
Basic earnings per share	45.8p	48.5p	(5.5%)

¹ Supplementary financial information in relation to Alternative Performance Measures (APMs) is set out on pages 43 to 47.

² The adjustment of acquisition related items to the adjusted operating results was a change on previous years and thus the June 2021 comparatives have been restated to conform to current year presentation.

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

Group Condensed Income Statement

For the six months ended 30 June 2022

	Notes	Six months to 30 June 2022 (unaudited) £’000	Six months to 30 June 2021 (unaudited) £’000
Revenue	2	1,152,847	1,027,787
Operating costs		(1,031,290)	(891,081)
Property profits	3	18,518	15,418
Operating profit		140,075	152,124
Finance expense	4	(9,849)	(10,730)
Finance income	4	2,158	1,490
Profit before tax		132,384	142,884
Income tax expense	17	(22,950)	(26,855)
Profit after tax for the financial period from continuing operations		109,434	116,029
Profit after tax from discontinued operations	14	-	115,387
Profit after tax for the financial period		109,434	231,416

*Profit attributable to:*
Owners of the Company		109,434	231,416
*Profit attributable to:*
Continuing operations		109,434	116,029
Discontinued operations		-	115,387

Earnings per ordinary share (continuing operations) - basic	5	45.8p	48.5p
Earnings per ordinary share (continuing operations) - diluted	5	45.8p	48.4p
Earnings per ordinary share (discontinued operations) - basic	5	-	48.2p
Earnings per ordinary share (discontinued operations) - diluted	5	-	48.2p
Earnings per ordinary share (total) - basic	5	45.8p	96.7p
Earnings per ordinary share (total) - diluted	5	45.8p	96.6p

Grafton Group plc - Group Condensed Balance Sheet as at 30 June 2022

	Notes	30 June 2022 (Unaudited)	30 June 2021 (Unaudited)	31 Dec 2021 (Audited)
ASSETS		£’000	£’000	£’000
Non-current assets
Goodwill	15	625,434	570,132	599,810
Intangible assets	16	158,566	81,506	144,327
Property, plant and equipment	9	331,788	298,322	319,295
Right-of-use asset	8	418,134	419,685	421,254
Investment properties	9	21,939	27,491	26,527
Deferred tax assets		5,856	10,441	8,793
Lease receivable		528	259	881
Retirement benefit assets	13	8,508	3,843	3,596
Other financial assets		128	127	126
Total non-current assets		1,570,881	1,411,806	1,524,609

Current assets
Properties held for sale	9	5,461	6,984	6,125
Inventories	10	399,209	245,491	344,172
Trade and other receivables	10	287,149	804,081	233,486
Lease receivable		212	26	212
Derivative financial instruments	11	10	113	-
Cash and cash equivalents	11	782,720	460,428	844,663
Total current assets		1,474,761	1,517,123	1,428,658
Total assets		3,045,642	2,928,929	2,953,267

EQUITY
Equity share capital		8,388	8,583	8,570
Share premium account		221,112	217,902	219,447
Capital redemption reserve		869	621	643
Revaluation reserve		12,434	12,631	12,519
Shares to be issued reserve		8,312	8,749	11,837
Cash flow hedge reserve		2	129	(8)
Foreign currency translation reserve		68,018	67,522	56,751
Retained earnings		1,444,139	1,324,927	1,413,737
Treasury shares held		(7,526)	(3,897)	(3,897)
Equity attributable to owners of the Parent		1,755,748	1,637,167	1,719,599
Total equity		1,755,748	1,637,167	1,719,599

LIABILITIES
Non-current liabilities
Interest-bearing loans and borrowings	11	136,786	261,821	172,601
Lease liabilities	11	390,598	395,538	396,070
Provisions		15,647	15,663	14,862
Retirement benefit obligations	13	853	37,146	15,067
Deferred tax liabilities		60,649	42,301	56,402
Total non-current liabilities		604,533	752,469	655,002

Current liabilities
Interest-bearing loans and borrowings	11	125,461	-	84,030
Lease liabilities	11	56,399	49,759	52,924
Derivative financial instruments	11	-	-	8
Trade and other payables	10	480,171	461,812	419,111
Current income tax liabilities		17,197	20,593	15,956
Provisions		6,133	7,129	6,637
Total current liabilities		685,361	539,293	578,666
Total liabilities		1,289,894	1,291,762	1,233,668

Total equity and liabilities		3,045,642	2,928,929	2,953,267

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

*Profit attributable to:*
Owners of the Company		341,267	107,542
*Profit attributable to:*
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

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

EQUITY
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

LIABILITIES
Non-current liabilities
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

Current liabilities
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

Total equity and liabilities		2,953,267	2,982,275

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