15 November – interim results
The supplier of kitchen and bathroom products has announced its interim results for the six months to 30 September and these have revealed a 12% rise in revenue to £162.6m (2017: £145.0m) with underlying pre-tax profit increasing by 23.5% to £14.2m (2017: £11.5m). Underlying earnings per share fell to 14.0p (2017: 14.5p) due to a higher tax charge and an increase in the number of shares in issue following the acquisition of Merlyn in the second half of last year. Net debt has also increased to £53.5m (2017: £20.8m) as a result of this acquisition. Merlyn has performed strongly since it became part of the group as expected with strong momentum at Triton continuing and Johnson Tiles UK returning to profit after its restructuring. The interim dividend has been increased to 2.8p (2017: 2.6p) as a sign of confidence in the future. The shares remain a BUY.