Robust half year profits

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Unaudited interim results for the six months ended 31 August 2018

Robert Forrester interview on latest results

Interview with Robert commenting on the results

Analyst interview with Mike Allen.
Analyst interview with Mike Allen, Head of Research, Zeus Capital.

Robust half year profits

  • Revenues of £1.56bn (2017 H1: £1.45bn) representing growth of 7.9% (8.0% on like-for-like basis)
  • Group gross margin of 10.7% (2017 H1: 11.0%)
  • Adjusted1 operating profit of £19.4m (2017 H1: £21.4m)
  • Adjusted profit before tax of £18.1m (2017 H1: £20.9m)
  • Profit before tax of £17.3m (2017 H1: £24.2m) with no exceptional items (2017 H1: exceptional profit of £4.1m on disposal of freehold property)
  • Adjusted1 earnings per share of 3.90p (2017 H1: 4.24p)
  • Period end net debt of £8.7m (2017 H1: net cash £20.8m)
    - Hughes Acquisition completed for consideration of £21.8m in the Period
  • Freehold and long leasehold property portfolio: £202.9m (2017 H1: £175.0m)
  • Tangible net assets per share 45.9p (2017 H1: 44.5p)
  • Focus on returns to shareholders and capital allocation:
    - ≠Free cashflow of £10.9m (21017 H1: £4.6m)
    - ≠5.6m shares repurchased at an average of 43.6 pence per share deploying £2.5m of cash
    - ≠Interim dividend held at 0.55p per share (2017 H1: 0.55p)

Current trading and outlook

Aftersales: Recurring high margin income

Movement in net cash: Tight management of working capital

Operational Highlights

Results Past and Present

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