Business
Half-year Report
Half-year Report.
About this update from Grafton Group Plc
[{"type":"text","content":"\n\n\n \n \n \n \n \n \n \nHalf Year Report\nFor the Six Months Ended 30 June 2024\n \n \n \n\n \n\n\n \nGrafton Group plc\nHalf Year Report for the Six Months Ended 30 June 2024\nRobust performance reflects diversified business benefits in mixed market conditions\n \nGrafton Group plc (\"Grafton\" or \"the Group\"), the international building materials distributor and DIY retailer is pleased to announce its half year results for the period ended 30 June 2024.\n \nFinancial Highlights\n§ First half adjusted operating profit of £83.1million (H1 2023: £105.1million) reflective of weaker market conditions outside the Group's home market in Ireland.\n§ Strong cashflow generated from operations of £161.1 million (H1 2023: £191.3 million).\n§ £104.8 million (H1 2023: £132.7 million) returned to shareholders in dividend payments and share buybacks in the first half.\n§ On the strength of anticipated free cashflow generation in the current financial year and confidence in the Group's prospects a new share buyback programme for up to £30m will commence today, complementing dividend growth of 5.0%.\n§ Strong balance sheet preserved for organic and inorganic development opportunities.\n§ Adjusted return on capital employed of 11.1%.\n§ Continue to anticipate delivering full year adjusted operating profit in line with analysts' expectations[1] recognising important Autumn trading season to come.\n \nOperational Highlights\n§ Overall Group gross margin broadly unchanged and overheads continued to be tightly controlled.\n§ Good performance in our Irish businesses, Chadwicks and Woodie's, where outlook for growth remains positive.\n§ Product price deflation had a negative impact overall on sales in the Irish and UK Distribution businesses, however, its adverse effect is moderating.\n§ Volumes lower across the UK, Netherlands and Finland but continued focus on being the providers of choice for our customers and driving operational efficiencies to position for market improvement.\n§ Resilient performance by our UK Manufacturing businesses despite backdrop of challenging UK housing market volume declines.\n \n\n\n\n\nTotal Operations[2]\n\n\nH1 2024\n\n\nH1 2023\n\n\nChange\n\n\n\n\nRevenue\n\n\n£1,137m\n\n\n£1,189m\n\n\n(4.4%)\n\n\n\n\nAdjusted[3] operating profit\n\...