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Highlights

• Revenue from continuing operations £429.0m (2006: £285.3m).
  • Reflects additional trading week for Howden Joinery (c. £10m) and growth in external turnover of Supply in relation to interim supply arrangements (c. £100m), particularly with MFI Retail Limited (MFI), in 2007.
  • Howden Joinery up 10.7%, adjusted for additional trading week (6.6% same depot basis).
• Howden Joinery operating profit before exceptional items up £4.4m to £55.1m.
  • Gross margin similar to 2006 full year margin.
• Cost of Supply, our sourcing and manufacturing business, before exceptional items down £12.2m to £13.2m, including a currency gain of £4.6m.
• Profit before tax and exceptional items from continuing operations rose £16.3m to £24.8m (£24.1m after exceptional items (2006: £34.7m loss)).
• Basic earnings per share before exceptional items from continuing operations 2.7p (2006: (1.4)p).
• Basic earnings per share from continuing and discontinued operations 7.0p (2006: (0.1)p).
• Net cash inflow of £7.8m resulted in the Group having net funds of £3.7m at 16 June 2007.
• As already announced, date for termination of supply of products and logistics services to MFI brought forward to 21 December 2007.
  • Final order received in August.
  • Proposals for restructuring of Supply business announced.
• 27 new Howden Joinery depots opened so far in 2007 – on track to open 60 in the year.
• As previously announced, payment of £53.1m made to MEP Mayflower (Holdings) Limited on 3 September 2007.

Galiform's Chief Executive, Matthew Ingle, said:

"Over the first half, we made good progress, both operationally and in our strategic development.  Howden Joinery traded well in the first half and has continued to do so, and it is on track to open 60 depots in 2007.

"We retain a positive outlook for the remainder of the year, although we recognise that a decline in consumer confidence could lead to a softening in demand.  The relationship with MFI has proceeded satisfactorily and Supply is positioning itself to focus solely on supporting Howden Joinery going forward."

 

Enquiries:

Investors/analysts:

Gary Rawlinson	+44 (0)207 535 1127
Head of Investor Relations	+44 (0)7989 397527

Media:

Brunswick	+44 (0)207 404 5959
Fiona Laffan
Jayne Rosefield