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.

• 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