Briscoe Group Limited (NZX: BGP) Interim Report for Period Ended 1 August 2021

Friday 8th October 2021

Briscoe Group Limited advises that a copy of the Interim Report for the 26 week period ended 1 August 2021 has been provided to NZX.

Net Profit After Tax (NPAT) was a record $47.46 million, 69.63% higher than the $27.98 million achieved in the previous first half.

Sales revenue was $358.42 million, an increase of 22.58%. Given that the pandemic had caused unprecedented and volatile sales patterns across the first half of 2020, it is useful to make a more normalised comparison with sales in the first half two years ago. The lift from the 2019 half-year to the latest period was 18.30%, with the first quarter 14.94% higher and the second up by 21.61%.

The half-year results are unaudited.

Gross margin dollars increased by 35.20% from $123.28 million to $166.66 million, while gross margin percentage rose from 42.16% to 46.50%. Enhanced analysis and management of promotional activity delivered a step-change in gross margin and the leadership team continues to work very hard to consolidate these gains. Benefits are also emerging from the Group’s work to improve inventory by optimising ordering, allocation, flow into and through our stores and overall stock levels. The combination of these benefits results in improved availability of product for our customers and increased sales.

Dividend

The Directors have resolved to pay an interim dividend of 11.50 cents per share (cps). This compares to last year’s interim dividend of 9.00 cps. Books closed to determine entitlements at 5pm on 21 September 2021 and payment will be made on 14 October 2021. The company’s dividend policy is to pay out at least 60% of NPAT when calculated on a full year basis.

Please see the link below for details

BGP - Interim Report for period ended 1 August 2021

Source: Briscoe Group Limited

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