14 November 2019 – interim results

Interim results, covering the six months ended 30 September 2019, have been released.  Revenue for the 27-week first half was £181.2m (2018: £162.6m), which 11.4% higher than the prior year 26-week period on a reported basis, 12.8% higher on a constant currency basis, and 0.9% higher on a like-for-like basis.  This performance reflected strong organic domestic revenue growth in the UK as well as additional revenue from the new South African acquisition, House of Plumbing.  Pre-IFRS 16 underlying profit before taxation increased by 14.1% to £16.2m (2018: £14.2m).  Pre-IFRS 16 profit before taxation was £13.9m (2018: £15.2m).  Pre-IFRS 16 diluted underlying earnings per share was 12.9% higher at 15.7p (2018: 13.9p).  Pre-IFRS 16 underlying operating cash flow was £17.5m (2018: £11.4m).  Net debt was £41.1m as at 30 September 2019, £12.4m lower than at 30 September 2018.  An interim dividend of 3.1p per share was declared (2018: 2.8p).  The dividend is payable on 10 January 2020 and the ex-dividend date is 28 November.  The shares have crept higher in recent months but remain a BUY.