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Key Financial Data
2020 Full Year Results
Grafton Group plc announced its Full Year Results for 2020 on Thursday 25th February 2021 at 07:00 (GMT).
View the results announcement in PDF format here.
Key Financial Data for the year ended 31 December 2020:
Continuing Operations | 2020 | 2019 | Change |
Revenue | £2,509m | £2,672m | -6.1% |
Adjusted operating profit | £193.3m | £204.8m | -5.6% |
Adjusted operating profit before property profit | £190.7m | £197.9m | -3.6% |
Adjusted profit before tax | £166.4m | £179.6m | -7.4% |
Adjusted earnings per share | 56.7p | 62.8p | -9.8% |
Dividend | 14.5p | 19.0p | -23.7% |
Net cash (before IFRS 16 leases) | £181.9m | £7.8m | +£174.1m |
Net (debt) - reported | (£355.0m) | (£533.8m) | +£178.8m |
Statutory Results – Continuing Operations | 2020 | 2019 | Change |
Operating profit | £159.7m | £197.8m | -19.3% |
Profit before tax | £132.7m | £172.6m | -23.1% |
Basic earnings per share | 45.1p | 60.5p | -25.4% |
1 Supplementary financial information in relation to Alternative Performance Measures (APMs) is set out on pages 39 to 49.
2 A bridge between the pre IFRS 16 and the related IFRS impact is set out within the APM’s.
3 The term “Adjusted” means before exceptional items and amortisation of intangible assets arising on acquisitions in both years.
Notes |
| 2020 £’000 | 2019 £’000 | ||
Revenue | 2 |
| 2,509,089 | 2,672,281 | |
Operating costs |
| (2,327,338) | (2,481,392) | ||
Property profits | 3 |
| 2,613 | 6,894 | |
Operating profit before exceptional items |
| 184,364 | 197,783 | ||
Exceptional items | 3 |
| (24,685) | - | |
Operating profit |
|
| 159,679 | 197,783 | |
Finance expense | 4 |
| (27,639) | (27,391) | |
Finance income | 4 |
| 698 | 2,249 | |
Profit before tax |
| 132,738 | 172,641 | ||
Income tax expense | 17 |
| (25,196) | (28,717) | |
Profit after tax for the financial year from continuing operations |
| 107,542 | 143,924 | ||
Loss after tax from discontinued operations | 14 |
| - | (24,692) | |
Profit after tax for the financial year |
| 107,542 | 119,232 | ||
|
|
| |||
Profit attributable to: |
| ||||
Owners of the Company |
| 107,542 |
| 119,232 | |
Profit attributable to: |
|
| |||
Continuing operations |
| 107,542 | 143,924 | ||
Discontinued operations |
| - | (24,692) | ||
|
| ||||
Earnings per ordinary share (continuing operations) - basic | 5 |
| 45.1p | 60.5p | |
Earnings per ordinary share (continuing operations) - diluted | 5 |
| 45.1p | 60.3p | |
Earnings per ordinary share (discontinued operations) - basic | 5 |
| - | (10.4p) | |
Earnings per ordinary share (discontinued operations) - diluted | 5 |
| - | (10.3p) | |
Earnings per ordinary share (total) - basic |
45.1p |
| 50.1p | ||
Earnings per ordinary share (total) - diluted |
45.1p |
| 50.0p |
ASSETS |
|
| £’000 | £’000 | |
Non-current assets |
|
|
| ||
Goodwill | 15 |
| 704,064 | 657,845 | |
Intangible assets | 16 |
| 115,905 | 103,268 | |
Property, plant and equipment | 9 |
| 493,539 | 500,924 | |
Right-of-use asset | 8 |
| 505,922 | 522,245 | |
Investment properties | 9 |
| 12,328 | 12,526 | |
Deferred tax assets |
|
| 13,386 | 7,600 | |
Lease receivable |
|
| 2,015 | 2,417 | |
Retirement benefit assets | 13 |
| 2,099 | 756 | |
Other financial assets |
|
| 128 | 127 | |
Total non-current assets |
|
| 1,849,386 | 1,807,708 | |
|
|
| |||
Current assets |
|
|
| ||
Properties held for sale | 9 |
| 18,058 | 16,274 | |
Inventories | 10 |
| 321,558 | 317,632 | |
Trade and other receivables | 10 |
| 336,944 | 388,023 | |
Lease receivable |
|
| 301 | 297 | |
Cash and cash equivalents | 11 |
| 456,028 | 348,787 | |
Derivative financial instruments | 11 |
| - | 7 | |
Total current assets |
|
| 1,132,889 | 1,071,020 | |
|
|
| |||
Total assets |
|
| 2,982,275 | 2,878,728 | |
|
|
| |||
EQUITY |
|
|
| ||
Equity share capital |
|
| 8,569 | 8,516 | |
Share premium account |
|
| 216,496 | 213,719 | |
Capital redemption reserve |
|
| 621 | 621 | |
Revaluation reserve |
|
| 12,733 | 12,954 | |
Shares to be issued reserve |
|
| 6,714 | 12,889 | |
Cash flow hedge reserve |
|
| (65) | 9 | |
Foreign currency translation reserve |
|
| 81,919 | 70,142 | |
Retained earnings |
|
| 1,143,933 | 1,047,698 | |
Treasury shares held |
|
| (3,897) | (3,897) | |
Total equity attributable to owners of the Parent |
|
| 1,467,023 | 1,362,651 | |
|
|
| |||
LIABILITIES |
|
|
| ||
Non-current liabilities |
|
|
| ||
Interest-bearing loans and borrowings | 11 |
| 274,030 | 339,261 | |
Lease liabilities | 11 |
| 479,019 | 487,999 | |
Provisions |
|
| 20,620 | 15,785 | |
Retirement benefit obligations | 13 |
| 52,683 | 21,939 | |
Deferred tax liabilities |
|
| 54,399 | 47,109 | |
Total non-current liabilities |
|
| 880,751 | 912,093 | |
|
|
| |||
Current liabilities |
|
|
| ||
Lease liabilities | 11 |
| 57,915 | 55,368 | |
Derivative financial instruments | 11 |
| 65 | - | |
Trade and other payables | 10 |
| 545,949 | 511,855 | |
Current income tax liabilities |
|
| 21,116 | 27,461 | |
Provisions |
|
| 9,456 | 9,300 | |
Total current liabilities |
|
| 634,501 | 603,984 | |
|
|
|
| ||
Total liabilities |
|
| 1,515,252 | 1,516,077 | |
|
|
|
| ||
Total equity and liabilities |
|
| 2,982,275 | 2,878,728 |