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Aug 22, 2018 | General News

£m* H1 2018 H1 2017 Change
Revenue** 1,448 1,333 +9%
Operating profit before property profit 88.0 77.0 +14%
Operating profit 92.5 79.1 +17%
Profit before tax 90.0 75.4 +19%
Earnings per share – basic 30.8p 25.9p +19%
Statutory results
Operating profit 90.1 77.7 +16%
Profit before tax 87.6 74.1 +18%
Earnings per share – basic 30.0p 25.5p +18%
Dividend 6.00p 5.25p +14%
Net debt 101.7 80.2 +£21.5m
Adjusted operating profit margin pre property profit 6.1% 5.8% +30bps
Adjusted operating profit margin 6.4% 5.9% +50bps
Return on capital employed 14.0% 13.2% +80bps

*Additional information in relation to Alternative Performance Measures (APMs) is set out on pages 35 to 38.**2017 H1 revenue has been updated to reflect a change in the presentation of rebates payable to customers and the segmental presentation has also been updated. There was no impact on operating profit as a result of this change.***The term “Adjusted” means before amortisation of intangible assets arising on acquisitions in both periods.


  • Revenue up 9% to £1.45 billion – 8% increase in constant currency
  • Further positive progress towards medium term financial objectives with the operating margin increasing by 50 bps to 6.4% and ROCE by 80bps to 14.0%
  • Strong organic growth in Irish and Netherlands Merchanting
  • Excellent performance by Woodie’s Retailing in Ireland and Mortar Manufacturing in the UK
  • Strong cash flow of £109.7 million from operations
  • Continued investment to support future profit growth with £120.1 million spend on Leyland SDM acquisition and capital projects
  • 14% increase in dividend in line with progressive dividend policy

Gavin Slark, Chief Executive Officer commented:

“We are pleased to report a strong first half performance across the Group with all segments reporting double digit growth in profitability. Excellent organic growth in key markets has been complemented by the positive impact of self-help measures and development activity. The geographic diversity of our operations continues to be an important strength of the Group. We made further progress towards our medium term financial objectives and invested £120 million on the Leyland SDM acquisition and capital projects to support future growth in profitability.”

Webcast Details

A results presentation for analysts and fund managers will be hosted by Gavin Slark and David Arnold today 22 August 2018 at 9.30 am (GMT) at the London Stock Exchange, 10 Paternoster Square, London EC4M 7LS. The results presentation can be viewed/downloaded at and a live webcast of the results presentation can be accessed on A recording of this webcast will be available for replay later today on the Group’s website.


Chadwicks Group (formerly GMROI)

+ 353 1 216 0600

Gavin Slark, Chief Executive Officer

David Arnold, Chief Financial Officer

Murray + 353 1 498 0300 – Pat Walsh

MHP Communications + 44 20 3128 8100 – James White

Cautionary Statement

Certain statements made in this announcement 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 announcement and include statements regarding the intentions, beliefs or current expectations of Directors and senior management concerning, amongst other things, the results of 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.