RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
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STRONG LIKE-FOR-LIKE GROWTH, ADJUSTED PROFIT BEFORE TAX UP 12% AND DIVIDEND INCREASED BY 24% FINANCIAL HIGHLIGHTS |
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· Revenue now over £5bn with annual growth of 6.3%, 5.0% on a like-for-like basis |
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· Operating profit up 10% to £330m |
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· Adjusted profit before tax up £35m or 12.4% to £321m |
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· Profit after tax up £16m to £265m |
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· Adjusted EPS up 14.3% to 103.6p |
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· Final dividend up 24% to 21p, giving full year dividend of 31p |
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· Net debt reduced by £104m to £348m |
OPERATING HIGHLIGHTS
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· All divisions achieved revenue growth |
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· Strong overhead control throughout the Group · Operating margin improved by 0.1pp to 6.8% |
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· 43 new branches and 15 implants opened, including 9 Toolstation openings within Wickes |
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· Acquisition of Solfex and an online heating products distribution business |
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2013 |
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2012 |
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£m |
% |
£m |
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Revenue |
5,148.7 |
6.3 |
4,844.9 |
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Adjusted*: |
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Operating profit |
347.6 |
6.7 |
325.7 |
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Profit before taxation |
321.1 |
12.4 |
285.8 |
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Profit after taxation |
249.5 |
15.6 |
215.9 |
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Adjusted earnings per ordinary share |
103.6 |
14.3 |
90.6 |
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Statutory: |
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Operating profit |
329.7 |
10.0 |
299.6 |
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Profit before taxation |
312.6 |
4.5 |
299.2 |
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Profit after taxation |
264.7 |
6.4 |
248.7 |
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Basic earnings per ordinary share |
109.9 |
5.4 |
104.3 |
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Total dividend declared per ordinary share |
31.0p |
24.0 |
25.0p |
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John Carter, Chief Executive, commented:
"2013 was another good year for Travis Perkins and the momentum in the second half of last year has continued into 2014. The Group is well placed to benefit from the upturn in UK building activity and in particular the strength of housing transactions. We remain focussed on a disciplined approach to investing in the opportunities we see in each of our businesses to grow and improve returns."
