Grafton Group plc Final Results
Financial Year
Ended 31 December 2023
2
Cautionary statement & notes
Cautionary statement
Certain statements made in this presentation are forward-looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied by these forward-looking statements. They appear in a number of places throughout this presentation and include statements regarding the intentions, beliefs or current expectations of Directors concerning, amongst other things, the results of the operations, financial condition, liquidity, prospects, growth, strategies and the businesses operated by the Group. The Directors do not undertake any obligation to update or revise any forward-looking statements whether as a result of new information, future developments or otherwise
Notes and Definitions
Please refer to Notes and Definitions in Appendix 1
Grafton Group plc | Final Results
3
Meet the team
Eric Born | David Arnold |
Chief Executive | Chief Financial |
Officer | Officer |
Grafton Group plc | Final Results
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2023 Operational Highlights
Solid trading performance in challenging market conditions
Resilient Distribution performance despite lower volumes
Solid trading in DIY Retail with Woodies as Irish consumer confidence recovered
Higher operating profit in Manufacturing despite volume decline
Strengthened market positions through new branch openings and bolt-on acquisitions
Enhanced pipeline of acquisition opportunities in existing and new markets
Significant progress advancing our sustainability agenda
Grafton Group plc | Final Results
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2023 Financial Highlights
Full year adjusted operating profit £205.5m, better than top end of analyst expectations
Adjusted operating margin before property profit 8.8%
Adjusted ROCE 11.9%
Dividend per share increased by 9.1%
£228.3m returned to shareholders via dividend and share buybacks Strong cash position at year end with £380m net cash (before leases)
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Financial review
David Arnold - CFO
02
Income statement
£m | 2023 | 2022 | Change |
Revenue | 2,319.2 | 2,301.5 | +0.8% |
Adjusted operating profit pre property profit | 204.2 | 260.5 | (21.6%) |
Property profit | 1.3 | 25.4 | |
Adjusted operating profit | 205.5 | 285.9 | (28.1%) |
Amortisation1 and acquisition related items | (22.4) | (21.6) | |
Statutory operating profit | 183.1 | 264.3 | (30.7%) |
Net finance income/(cost) | 0.4 | (12.6) | |
Statutory profit before tax | 183.5 | 251.7 | (27.1%) |
Adjusted profit before tax | 205.9 | 273.3 | (24.6%) |
1Amortisation of intangible assets arising on acquisitions
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Earnings Per Share
£m | 2023 | 2022 | Change | ||
Adjusted operating profit | 205.5 | 285.9 | (28.1%) | ||
Net finance income/(cost) | 0.4 | (12.6) | |||
Adjusted profit before tax | 205.9 | 273.3 | |||
Tax | (39.4) | 19.0% | (47.7) | 17.1% | |
Adjusted profit after tax | 166.5 | 225.6 | |||
Image Outstanding
Shares in issue (weighted in m's) | 213.8 | 233.5 | (8.4%) |
Shares in issue (year-end in m's) | 205.6 | 223.4 | (8.0%) |
Adjusted EPS | 77.9p | 96.6p | (19.4%) |
Dividend per share | 36.0p | 33.0p | +9.1% |
Dividend cover (times) | 2.2 | 2.9 | (0.7) |
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Revenue bridge
£m
2,301 | 2,319 |
Grafton Group plc | Final Results
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Disclaimer
Grafton Group plc published this content on 06 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 March 2024 07:25:18 UTC.