Business
Preliminary results, year ended 31 December 2017
Preliminary results, year ended 31 December 2017.
About this update from Eurocell Plc
[{"type":"text","content":"\n \nRNS Number : 2297H Eurocell plc 09 March 2018 \n\n9 March 2018\n \nEUROCELL PLC (Symbol: ECEL)\nPRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2017\nGood progress with strategic priorities and robust financial results\n \nEurocell plc is a market leading, vertically integrated UK manufacturer, distributor and recycler of innovative window, door and roofline PVC products\n \n\n\n\n\n \n\n\n2017\n\n\n2016\n\n\nChange\n\n\n\n\nKey financial performance measures\n\n\n \n\n\n \n\n\n \n\n\n\n\nRevenue (£ million)\n\n\n224.9\n\n\n204.8\n\n\n10%\n\n\n\n\nGross margin % \n\n\n51.0%\n\n\n52.0%\n\n\n(1.0%)\n\n\n\n\nAdjusted profit before tax (£ million) (1) (4)\n\n\n24.5\n\n\n24.3\n\n\n1%\n\n\n\n\nAdjusted basic earnings per share (pence) (2)\n\n\n20.4\n\n\n20.0\n\n\n2%\n\n\n\n\nTotal dividends per share (pence) \n\n\n9.0\n\n\n8.5\n\n\n6%\n\n\n\n\nNet debt (£ million) (3)\n\n\n14.5\n\n\n20.3\n\n\n(£5.8m)\n\n\n\n\nOther statutory accounting measures\n\n\n \n\n\n \n\n\n \n\n\n\n\nProfit before tax (£ million)\n\n\n23.7\n\n\n23.8\n\n\n(1%)\n\n\n\n\nBasic earnings per share (pence)\n\n\n19.6\n\n\n19.6\n\n\nFlat\n\n\n\n\n \nFinancial Highlights\n· Good sales growth of 10% (8% excluding acquisitions)\n· Gross margin reduction reflects the impact of raw material price inflation\n- Implementing selling price increases to mitigate where possible, but the market does lag supplier price rises, so there is a delay in capturing the benefit\n· Robust cash flow conversion and further reduction in net debt\n \nOperational Highlights\n· Initiatives driving strong growth in private new build sector\n· Significant investments in business expansion\n- 31 new branches in 2017, up from 18 in 2016, with total estate now at 190 sites \n- Increased use of recycled material in manufactured products to 17% (2016: 14%)\n \nMark Kelly, Chief Executive of Eurocell plc said:\n\"I am pleased to report a strong performance for Eurocell in 2017. We have made excellent progress with our strategic priorities, continued to invest significantly in the growth of our business and made further gains in market share.\n\"Profit was impacted by r...