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 Mila, Kore, Carlisle Brass, 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.
2015 Results Highlights
- 2015 was a solid year for the Group as sales of £214m remained in line with 2014 at constant exchange rates. Turnover rose 3% with the benefit of favourable FX.
- The Group’s EBITDA remained broadly flat at £7.0m (2014: £7.4m) with earnings slightly impacted by a combination of increased investment in marketing spend and an adverse FX effect from the stronger US Dollar compared to 2014.
- The Group’s balance sheet strengthened significantly as shareholders’ funds increased from £15.8m in 2014 to £29.2m, primarily due to a strong profit after tax (£4.3m) and favourable pension movements.
- The Group achieved a reduction in net debt of £1.6m after making total contributions into the UK defined benefit pension scheme of £3.0m. Closing net bank debt was £14.5m (2014: £16.1m) and the Net Debt : EBITDA ratio remained low at 2.07 (2014: 2.18).
- The major committed bank facility of the Group continues to be a £45.0m global asset-based funding agreement with Wells Fargo Capital Finance (UK) Limited, which was successfully extended during the year and now runs until 31 December 2020.