• Revenue from continuing operations £733.0m (2005: £621.8m).
  • Howden Joinery up 9.5% (5.9% on same depot basis) to £676.3m (2005: £617.8m).
• Howden Joinery operating profit before exceptional items up £9.2m to £132.6m.
  • Gross margin up 110 basis points.
• Cost of Supply, our sourcing and manufacturing business, before exceptional items down £9.2m to £39.6m.
• Group operating profit before exceptional items up £11.6m to £65.7m.
• Profit before tax and exceptional items from continuing operations rose £14.7m to £57.2m.
• Profit before tax after exceptional items from continuing operations £25.0m (2005: £29.8m).
• Basic earnings per share before exceptional items from continuing operations 6.1p (2005: 4.7p).
• Basic earnings per share from continuing and discontinued operations (28.7)p (2005: (21.3)p).
• Net cash inflow of £51.4m meant the Group had net borrowings of £4.1m at 30 December 2006.
• Disposal of MFI Retail business completed – transitional arrangements performing satisfactorily.
  • Loss on disposal and associated provisions of £187.4m.
• 40 new Howden Joinery depots opened in 2006.

Galiform's Chief Executive, Matthew Ingle said:

"2006 was a year of major transformation for the Group. With the disposal of MFI Retail, we are now focused on the successful Howdens business which continues to enjoy a strong position in a rapidly changing market. Going forward, we have great opportunities to grow Howdens, capitalising on its unique strengths."

The full results are available to download in PDF format (285kb)

 

Enquiries:

Investors/analysts:
Gary Rawlinson Head of Investor Relations	+44 (0)207 404 5959 (6 March only) +44 (0)207 535 1127 +44 (0)7989 397527

Media:

Brunswick	+44 (0)207 404 5959
Susan Gilchrist/ Fiona Laffan/ Anna Jones