8 March 2017 – final results
The door and window components group reported strong growth in 2016 with revenues and underlying pre-tax profits rising sharply. Revenues were 29% ahead at £457.6m (2015: £353.4m), with profits up 38% to £62.1m (2015: £45.1m). Underlying earnings per share were up 32% at 25.41p (2015: 19.33p) and the dividend per share was raised 20% to 10.5p (2015: 8.75p). These results benefited from favourable exchange rates and the contribution from acquisitions with the integration of the three acquisitions made during the year progressing well. The current year has started well and the US market is expected to be stronger this year with European markets also continuing to recover, although the UK market may remain under some pressure. However, pre-tax profits for the year to 31 December 2017 are expected to be £70m for earnings per share of 28p. On a prospective p/e ratio of just 10.5x the shares are CHEAP.