Manutan Group : First Half 2020/2021 ended March 31st , 2021: Continuing growth in turnover and strong improvements in resul...
15 Giugno 2021 - 6:00PM
Manutan Group : First Half 2020/2021 ended March 31st , 2021:
Continuing growth in turnover and strong improvements in results
Financial notice of June
15th,
2021
First Half
2020/2021 ended March 31st
, 2021: Continuing growth in turnover and
strong improvements in
results
In millions of euros |
H12020/2021 |
H12019/2020 |
Variation |
Turnover |
393.4 |
376.2 |
+4.6% |
Current operating profit |
27.5 |
24.3 |
+13.3% |
Operating profit |
27.5 |
23.1 |
+18.9% |
Net income |
19.9 |
15.6 |
+27.9% |
The dynamic growth
continued throughout the half-year:
At the end of March 2021, the Group recorded a
growth of + 4.6% compared to March 2020, in line with the
performance observed since May 2020. This growth in the first half
of fiscal year 2020/2021 is driven by all zones and divisions,
except for the East zone (due to an unfavorable base effect linked
in particular to significant sales of COVID-19 products over the
previous financial year).
Operating profitability up sharply by +
18.9%:
Operational profitability stood at 7.0% of
turnover (compared to 6.1% for the previous year). This result is
mainly explained by the following:
- The increase in activity over the period;
- Very good
control of operating expenses, whose weight on turnover stood at
30.7%, compared to 32.1% in the first half of the previous fiscal
year;
- Tempered by a drop in the
commercial margin rate (37.7% of turnover against 38.5% for the
previous year), mainly due to the weight of COVID-19 products, with
lower margin, in the turnover of the first half of 2020/2021.
Non-current items show a positive variation
compared to the previous year (-0.1M€ over the period compared to
-1.2M€ in the first half of 2019/2020). These costs had been
impacted at March 31st , 2020 by the recognition of goodwill
impairment on the TGU Sports and Leisure (Casal).
Net income is growing
by +27.9%
It stood at 5.1% of turnover compared to 4.1% in
the first half of the previous year. This evolution is explained by
the mix of the following main impacts:
- The increase by + 13.3% in current operating
profit;
- The improvement in the effective tax rate from
29.8% to 26.8% of pre-tax income, in particular linked to the drop
in the tax rate in France.
An ever sound
financial position
The Group's financial structure has improved and
remains even more solid, with a level of cash that allows it to
ensure its activity while continuing to invest in the current
context. The Group has a free cash flow of 117 million euros (which
represents an increase of 27 million euros compared to September
30th, 2020) and its financial debt represents 8.7% of the total
balance sheet as of March 31st, 2021.
The outlook for the
second half of 2020/2021
The Group's priorities remain focused on
pursuing its growth, adjusting its products and services to
continue supporting its customers in the current period, and the
health safety of its employees and partners.
Confident in its business model and its
development prospects, the Group will continue to implement its
investment plan. It will continue to activate its levers for
business growth and profitability for the second half of the year
and will remain very attentive to any external growth opportunities
that may arise.
*********************About the Manutan GroupA
family-run business created in 1966, Manutan is Europe’s leading
B2B e-commerce company and specialises in the distribution of
equipment and supplies for enterprises and local authorities.Its
vast range of carefully selected products and services is one of
the largest offerings in Europe. This enables the company to meet
all of its client’s needs and help them reduce their indirect
purchase costs.
With 26 subsidiaries established in 17 countries
in Europe, the Group has more than 2,100 employees and a turnover
of 780 million euros in 2019/2020. Manutan France and
IronmongeryDirect were awarded Best Workplaces by Great Place to
Work in 2021.
Manutan International is listed on Euronext Paris
– Compartment B - ISIN: FR0000032302-MAN.
www.manutan.com
Next publication:
Publication of the
results for Q3
2020/2021 scheduled for
July
15th,
2021 (after
market closure)
- Avis financier 1S_2021_En_VF_2021_06_15