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.
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