13 June 2018 – final results
The bathroom and kitchen accessories group which supplies showers, taps, shower trays and tiles has announced its results for the year to 31 March showing a ninth successive year of growth. The group, which has brands including Triton, Vado, Croydex and Johnson Tiles, reported revenues up 11% to £300m (2017: £271m) whilst underlying pre-tax profits rose to £26.3m (2017: £22.9m). Diluted earnings per share on the same basis were over 6% higher at 29.5p (2017: 27.8p) and the dividend for the year was raised to 7.8p (2017: 7.2p). Net debt at the year end had risen to £47.1m (2017: 23.2m) following the acquisition of Merlyn, the UK’s leading supplier of shower enclosures and trays, for £59.1m. The group has a strong platform for future growth and although the shares have at lost moved up they still look CHEAP.