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Financial highlights

Revenue (£'m)

£671.2

2023 671.2
2022 719.4
2021 589.3
2020 469.5
2019 541.8

Adjusted EBITDA (£'m)

£103.6

2023 103.6
2022 136
2021 107.1
2020 57.6
2019 103.9

Adjusted profit before tax (£'m)

£53.3

2023 53.3
2022 90.4
2021 73.3
2020 23.7
2019 71.1

Adjusted Basic EPS (p)

16.7

2023 16.7
2022 31.3
2021 29.2
2020 9.2
2019 30

Adjusted Return of capital employed (%)

8.4

2023 8.4
2022 13.3
2021 20.6
2020 8.2
2019 21.4

Net debt (£'m) - reported basis

£(217.6)

2023 (217.6)
2022 (236.6)
2021 (41.1)
2020 (75.6)
2019 (60)

Operational and strategic highlights

  • Group strategy targets outlined at HY23 being implemented throughout the business
  • Dual block plant in St Ives operational, improving capabilities and new product development
  • Marshalls' logistics function to be outsourced to Wincanton in H1 2024 - expected to improve service and deliver efficiencies
  • Exited the Groups's Belgian operation allowing the Group to focus solely on the UK construction market
 
  • Ahead of Marshalls' carbon reduction target: enlarged Group's targets submitted to SBTi for approval
  • Term loan reduced by £30 million to £180 million in early January 2024 which, togethet with the £160 million RCF, provides significant liquidity to fund the Group's strategy
  • Robust balance sheet with net debt reducing to £172.9 million (on a pre-IFRS 16 basis) at December 2023 and year-end leverage of 1.9 times adjusted EBITDA. Reported net debt of £217.6m (2022: £236.6m)

Annual and Interim Reports

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