Inspiring Living Spaces
Preliminary Results
Year ended 31 March 2021
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Introduction
Nick Kelsall, Chief Executive Officer
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- Our employee response to COVID-19 challenges has been outstanding
- Health and Safety of our stakeholders remains paramount; zero transmissions in the workplace
- Very strong recovery; H2 revenue +19.5% on a constant currency like for like basis
- Exceptional cash performance; net cash £10.5m (2020: net debt £36.4m)
- Earnings recovery & ROCE above hurdle rate at 18.2% (2020: 16.4%)
- Dividend restored - full year of 8.2p (2020: 3.1p)
- Strong trading momentum continued
- April & May 2021 revenue c23% ahead of 2019
1. Constant currency like for like basis
£324.2m | ||
Revenue1 | ||
+0.7% | ||
£33.8m | ||
Underlying Operating Profit | ||
+4.6% | ||
£65.8m | ||
Underlying Operating Cashflow | ||
£10.5m | ||
Net Cash | ||
18.2% | ||
Underlying ROCE% | ||
+180bp | ||
31.1p | ||
Underlying EPS | ||
+10.3% | ||
8.2p | ||
Full Year Dividend | ||
3
Financial Review
Shaun Smith, Chief Financial Officer
Income Statement
Constant | ||||||
Currency | ||||||
2021 | 2020 | Reported | LFL4 | |||
£m | £m | % | % |
Revenue | 324.2 | 342.0 | -5.2% | +0.7% | ||
Underlying1 operating profit | 33.8 | 32.3 | +4.6% | |||
Margin | 10.4% | 9.4% | ||||
Finance charges - cash | (3.2) | (3.5) | ||||
Underlying1 PBT | 30.6 | 28.8 | +6.3% | |||
Exceptional operating items2 | (3.8) | (9.0) | ||||
IAS19R admin expenses | (1.4) | (1.5) | ||||
Acquisition related costs2 | (3.7) | (4.0) | ||||
Finance (charge)/income - | (3.2) | 0.7 | ||||
non cash3 | ||||||
PBT | 18.5 | 15.0 | +23.3% | |||
- Underlying means before exceptional operating items, IAS19R admin costs, acquisition related costs and where relevant, non-cash finance costs
- See page 46 for details
- Includes £3.7m variance in income relating to "mark to market" on FX forward contracts. (FY21: £2.0m charge, FY20: £1.7m income)
4 LFL (like for like) at constant currency and adjusting for 53 to 52-week period pro-rating | 5 |
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Norcros plc published this content on 10 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 June 2021 10:19:06 UTC.