Other financial highlights include:
•Adjusted* sales up 4.1% to £127.8 million, with an improving trend across the first and second quarters
•Adjusted gross profit up 3.0% to £68.2 million, with adjusted gross margins sequentially higher in H1 FY25 than H2 FY24 despite higher trade mix, due to due to good operational controls and strong margin management
•Adjusted operating costs up just £1.0 million (+1.6%) despite £2.0 million of inflationary costs and £1.5 million of investment into strategic growth due to other net savings
•Adjusted profit before tax up 3.2% at £3.2 million
•Adjusted EPS up 8.7% as a result of full ownership of Pro Tiler from H2 2024
• CTD annualised sales of £30.3 million, with H1 underlying trading losses of £1.0 million. The business is not yet fully integrated due to the CMA investigation but there is a clear plan to move into breakeven by quarter four.
•Statutory revenue up 16.4% to £142.9 million, including sales from CTD business
•Statutory profit before tax £1.9 million (HY 2024: loss before tax of £1.5 million) including CTD trading losses, CMA-related costs and benefit of lower depreciation from impairments in FY 2024
•Balance sheet remains robust, with adjusted net debt of £1.2m at the period end, and £30 million banking facility committed until October 2027
