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+13% (2017: £224.9m)

Gross Margin

-1.5% (2017: 51.0%)

Adjusted EBITDA(1,3)

-4% (2017: £31.7m)

Profit before Tax

-7% (2017: £23.7m)

Adjusted EPS(2)

-6% (2017: 20.4p)

Total Dividends (per share)

+3% (2017: 9.0p)

(1) Adjusted EBITDA represents profit before interest, tax, depreciation and amortisation, and non-underlying expenses.
(2) Adjusted basic earnings per share excludes non-underlying expenses and the related tax effect, and other non-underlying tax items.
(3) Non-underlying expenses for 2018 of £0.4 million include professional fees related to completed acquisitions, as well as unamortised fees from our previous bank facility, expensed (as a finance cost) following the refinancing in December 2018. Non-underlying expenses for 2017 of £0.8 million include professional fees

2018 Strategic Highlightsplus

  • Continuing to gain market share – now the largest supplier of rigid profile to the UK market
  • Expanding branch network – now 202 sites
  • Increasing use of recycled material – acquisition of Ecoplas consolidates position as leading UK recycler of PVC windows

2018 Financial and Operational Highlights plus

  • Strong sales growth of 13% (12% excluding acquisitions)
  • Sales growth and mix changes exceeded capacity, impacting manufacturing efficiency and customer service
  • Gross margin and EBITDA therefore down, as anticipated
  • Action taken to expand production capacity and strengthen operational teams
  • Customer service now normalised – implementing selling price increases in 2019

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