Audited results for the year and unaudited results for the fourth quarter ended 30 April 2012
Capitalising on structural change
|
|
Fourth quarter |
Year |
||||
|
|
2012 |
2011 |
Growth |
2012 |
2011 |
Growth |
|
|
£m |
£m |
% |
£m |
£m |
% |
|
Underlying results² |
|
|
|
|
|
|
|
Revenue |
287.8 |
242.8 |
+17% |
1,134.6 |
948.5 |
+21% |
|
EBITDA |
88.7 |
63.3 |
+37% |
381.1 |
283.8 |
+36% |
|
Operating profit |
38.0 |
18.2 |
+102% |
181.3 |
98.8 |
+87% |
|
Profit before taxation |
25.6 |
2.7 |
+736% |
130.6 |
31.0 |
+332% |
|
Earnings per share |
4.0p |
0.4p |
+820% |
17.3p |
4.0p |
+344% |
|
|
|
|
|
|
|
|
|
Statutory results |
|
|
|
|
|
|
|
Profit/(loss) before taxation |
31.9 |
(19.9) |
n/a |
134.8 |
1.7 |
- |
|
Earnings per share |
4.7p |
(2.6p) |
n/a |
17.8p |
0.2p |
- |
Highlights
- Record Group pre-tax profit for the year of £131m (2011: £31m)
- Group EBITDA margins of 34% (2011: 30%)
- £476m of capital invested in the business
- Group RoI, including goodwill, grew to 12% (2011: 7%)
- Net debt to EBITDA leverage reduced to 2.2 times (2011: 2.7 times)
- Proposed final dividend of 2.5p making 3.5p for the year (2011: 3.0p)
Ashtead's chief executive, Geoff Drabble, commented:
"We are delighted to report record Group profits, encouragingly delivered against a backdrop of end construction markets remaining at historically low levels.
This performance demonstrates the success of our largely organic investment strategy and our ability to generate significant revenue growth from market share gains and translate this into stronger margins through improved operational efficiency.
The momentum we have established, and the flexibility provided by our strong balance sheet, allows us to anticipate further growth with or without end market recovery. As a result, it is likely that our profits in the coming year will be ahead of our previous expectations."
