Half Year Report

For The Six Months Ended 30 June 2017


  • Revenue up 9% to £1.3 billion - 6% increase in constant currency
  • Adjusted operating profit before property profit up 19% to £77.0 million (2016: £64.8 million)
  • Strong organic growth in the Irish Merchanting, Woodie's DIY and Mortar Manufacturing businesses
  • Increase in scale and profitability of the Netherlands merchanting business
  • Recovery in profitability in traditional UK Merchanting business
  • Continued successful investment in Selco with the opening of nine branches in the year to date and at least two more due to open by the year end
  • Another period of strong cash generation with net debt declining to £80.2 million at 30 June 2017 -  gearing of 7%
  • Continued investment to support future profit growth with £68.6 million deployed on acquisitions and capital expenditure
  • 11% increase in dividend in line with progressive dividend policy

 Gavin Slark, Chief Executive Officer commented:

"We are pleased to report that all geographies contributed to strong growth in revenue and double digit growth in profits and earnings per share in the first half.  This encouraging outcome leaves us well placed to deliver our full year expectations."