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Financial highlights

Revenue (£'m)

£719.4

2022 719.4
2021 589.3
2020 469.5
2019 541.8
2018 491

Adjusted EBITDA (£'m)

£136.0

2022 136
2021 107.1
2020 57.6
2019 103.9
2018 80.8

Profit before tax (£'m) - before adjusting items

£90.4

2022 90.4
2021 72.1
2020 22.5
2019 69.9
2018 62.9

Basic EPS (p) - before adjusting items

31.3

2022 31.3
2021 28.6
2020 8.6
2019 29.4
2018 26.3

Return on capital employed (%) - before adjusting items

13.3

2022 13.3
2021 20.6
2020 8.2
2019 21.4
2018 21.9

Net debt (£'m) - reported basis

£(236.6)

2022 (236.6)
2021 (41.1)
2020 (75.6)
2019 (60)
2018 (37.4)

Operational highlights

  • Accelerated the diversification of the Group’s product offering providing increased resilience through the cycle.
  • Ongoing investment in leading edge technology to enhance capabilities and efficiency - £24 million dual block plant expected to be operational in the first half of 2023 with exciting new product development opportunities.
  • New digital trading platform “Dropship” developed which extends the range of products offered by merchants.
  • Decisive action taken to reduce capacity and the annual cost base by £10 million in response to lower volumes in Marshalls Landscape Products
  • Good progress made on ESG priorities – carbon sequestration to be trialled in a factory environment and cement reduction plan being executed.
Financial highlights
  • Revenue growth of 22 per cent over 2021 which included eight months contribution from the acquisition of Marley Group plc (‘Marley’); growth of one per cent on a like for like basis
  • Adjusted operating profit of £101.1 million, an increase of 31 per cent on 2021, reflecting the benefit of the Marley acquisition (statutory operating profit: £47.9 million; 2021: £76.2 million)
  • Adjusted profit before tax of £90.4 million, an increase of 23 per cent on 2021
  • Profit before tax on a statutory basis was £37.2 million (2021: £69.3 million) including the impact of adjusting items of £53.2 million
  • Adjusted basic earnings per share up seven per cent at 31.3 pence per share (statutory earnings per share: 11.4 pence; 2021: 27.5 pence)
  • Net debt of £191 million (on a pre-IFRS 16 basis) and leverage of 1.35 times adjusted proforma EBITDA
  • Proposed final dividend of 9.9 pence per share totalling a full year dividend of 15.6 pence, an increase of nine per cent compared to 2021

Annual and Interim Reports

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