12 August 2014 – interim results
The building products distributor has announced its interim results covering the six months to 30 June and these have shown a 6.5% increase in revenues on continuing operations to £1.27bn with underlying pre-tax profits rising by 23.5% to £41.5m. Underlying earnings per share on the same basis were 30.8% ahead at 5.1p and the interim dividend was raised 23.5% to 1.42p. Net debt at the end of the period was 7.2% lower than a year earlier at £131.5m. These are clearly good results which have benefited from procurement savings, an improving UK market and the mild winter. Although conditions in Europe were more challenging, especially in France, the company remains confident of achieving its full year expectations. Continue to BUY.