The Group’s UK & European businesses supply a comprehensive range of door and window hardware products to fabricators, builders’ merchants, architectural ironmongers and online retailers, through well known brands including Carlisle Brass, Mila, Eurospec and Eurolite. In North America, LaSalle Bristol is the market leader in the distribution of specialist plumbing and building products to the manufactured housing and recreation vehicle sectors.
2016 Results Highlights
- 2016 was another good year for the Group as sales of £248.7m rose 16% against 2015, helped by a favourable US Dollar and Euro. Turnover was up 7% at constant exchange rates.
- The Group’s EBITDA increased by 10% to £7.7m (2015: £7.0m) as our markets in the US continued to improve and further share gains were achieved in Europe through new product introductions and growth by some of our larger customers. Higher input costs were successfully offset through price increases in the second half of the year following the EU Referendum.
- The Group’s balance sheet remains strong with shareholders’ funds of £23.0m. This was a reduction of £6.2m from 2015 due largely to net pensions losses of £10.9m, offset by a profit after tax of £2.9m and a FX translation benefit on the Group’s closing net asset position of £2.0m.
- The Group’s closing net debt increased by £3.1m after exchange losses of £1.5m, exceptional payments of £1.1m and deficit repair contributions of £1.0m to the UK defined benefit pension scheme. Closing net bank debt was £17.6m (2015: £14.5m) and the year end Net Debt : EBITDA ratio continued to remain low at 2.29 (2015: 2.07).
- As at 31 December 2016 the major committed bank facility of the Group was a global asset-based funding agreement with Wells Fargo Capital Finance (UK) Limited. This was increased from £45.0m to £55.0m subsequent to the year end and was extended to 31 December 2021.