Paint and adhesives business DuluxGroup Limited (ASX: DLX) this morning reported its half-year financial results to the ASX showing a 4.2% increase in revenue and a profit of $79.2 million, up 9% on the prior corresponding period.
DuluxGroup is the company behind the popular paint brand and other popular names like Cabot’s, Yates, British Paints and Selleys.
DuluxGroup said its Australia and New Zealand business led half-year revenue growth with good cost control.
“A strong first half result was driven by revenue and profit growth across all of our Australian and New Zealand business segments,” CEO Patrick Houlihan said.
For the period, DuluxGroup’s board declared an interim dividend of 14 cents per share, fully franked. That’s about 69% of its net profit for the period, the company said.
“We have a high quality portfolio of businesses, with a consistent record of profit growth, market leading positions and multiple avenues for ongoing growth, domestically and offshore,” Houlihan added.
Looking out to its full 2018 financial year, DuluxGroup expects to report an increase in profit, relative to 2017.
“Subject to economic conditions, and excluding non-recurring items, we expect that 2018 net profit after tax will be higher than the 2017 equivalent of $142.9 million,” Mr Houlihan concluded.
ANZ Director To Become DuluxGroup Chairman
In a separate announcement, DuluxGroup announced the resignation of its Chairman Peter Kirby come 30 June 2018. Non-executive Director Graeme Liebelt will succeed Mr Kirby.
“I am immensely proud of the time I have spent with this company over my career, both as an executive and former Managing Director in the 80s and 90s, and over the last eight years as DuluxGroup’s inaugural Chairman,” Mr Kirby said.
Mr Liebelt is the current chairman of Amcor Ltd (ASX: AMC) and a director of both ANZ Banking Group (ASX: ANZ) and Australian Foundation Investment Company Ltd (ASX: AFI).
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