Business
Half-year Results
Half-year Results.
About this update from Eurocell Plc
[{"type":"text","content":"\n\n5 September 2023\nEUROCELL PLC (Symbol: ECEL)\nHALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2023\nActions taken position the business well for when markets recover\nEurocell plc, the market leading, vertically integrated UK manufacturer, distributor and recycler of innovative window, door and roofline PVC products, today announces its half year results for the six months ending 30 June 2023.\nSummary\n· Challenging market backdrop, with particularly severe decline in new build housing\n· First half profits down as expected\n· Further deterioration in market conditions since July Trading Update means full year performance now anticipated to be below our previous expectations\n· Early and decisive action on cost taken in response to lower volumes and to position the business well for when markets recover\n· Efficient inventory management driving good cash flow performance, maintaining strong balance sheet and liquidity\n\n\n\nKey financial performance measures (1)\n\n\nH1 2023\n\n\nH1 2022\n\n\nChange\n\n\n\n\nRevenue (£ million)\n\n\n184.4\n\n\n188.8\n\n\n(2)%\n\n\n\n\nUnderlying measures (2)\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted operating profit (£ million)\n\n\n7.6\n\n\n17.1\n\n\n(9.5)\n\n\n\n\nAdjusted profit before tax (£ million)\n\n\n6.0\n\n\n15.7\n\n\n(9.7)\n\n\n\n\nAdjusted basic earnings per share (pence)\n\n\n4.3\n\n\n11.6\n\n\n(7.3)\n\n\n\n\nReported measures\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating profit (£ million)\n\n\n5.1\n\n\n17.1\n\n\n(12.0)\n\n\n\n\nProfit before tax (£ million)\n\n\n3.5\n\n\n15.7\n\n\n(12.2)\n\n\n\n\nBasic earnings per share (pence)\n\n\n2.6\n\n\n11.6\n\n\n(9.0)\n\n\n\n\nCapital investment (£ million)\n\n\n3.8\n\n\n6.4\n\n\n(2.6)\n\n\n\n\nNet cash generated from operating activities (£ million)\n\n\n20.9\n\n\n18.1\n\n\n2.8\n\n\n\n\nNet debt (£ million) (3)\n\n\n75.8\n\n\n71.9\n\n\n(3.9)\n\n\n\n\nNet debt, pre-IFRS 16 (£ million) (3)\n\n\n15.2\n\n\n15.0\n\n\n(0.2)\n\n\n\n\nInterim dividend per share (pence)\n\n\n2.0\n\n\n3.5\n\n\n(1.5)\n\n\n\nFinancial headlines\n· Group sales down 2% vs H1 2022, including:\n- Profiles down 1%: reduced RMI(4) and weaker new build activity, partially offset by benefit of market share gains\n- Building Plas...