06 March 2008
|£m unless stated||2007||2006|
|Continuing operations (before exceptional items):|
- Howdens Joinery
|Profit before tax||79.8||57.2||+39.5%|
|Profit after tax||54.3||36.3||+49.6%|
|Basic earnings per share||9.1p||6.1p||+49.2%|
|Net debt at end of period||3.3||4.1|
|Final dividend per share (proposed)||0.5p||-|
Galiform's Chief Executive, Matthew Ingle, said:
"2007 was a very pleasing year, both in terms of our financial performance and operational and strategic developments. Building on the transformation of the Group begun in 2006, when we refinanced the business, put our supply operations on a commercial footing and sold MFI, it demonstrates the significant opportunities we have ahead of us and our continuing ability to take the business forward.
"Across the Group, there is a renewed vigour and focus.
"Howdens traded well throughout the year, particularly in the second half as it reaped the benefits of new products, better design and closer relationships with our supply operations. It continued to grow, opening 54 depots, and a number of new initiatives were pursued.
"Our supply operations not only delivered the benefits from changing our sourcing of appliances and fascias, they successfully managed and exited the product supply and logistic services relationship with MFI. This has enabled a restructuring of the supply operations that further aligns them with Howdens' operations and its future requirements.
"We have made a positive start to the new financial year and will continue to take the Group forward, both growing the business and strengthening our competitive position."
|Head of Investor Relations||+44 (0)207 404 5959 (6 March only)
+44 (0)207 535 1127
+44 (0)7989 397527
|+44 (0)207 404 5959|