TGCG spent £35.4m on buying 10 garden centres.
Earnings before the deduction of interest, tax and amortization expenses (EBITDA) grew by 50 per cent to £42.7 million. Revenue for the year increased by £17 million to £276.2 million on a pro forma basis. Concession income increased 6.6 per cent on 2012, rising to £14.4 million. Gross margins increased by 3.7 per cent.
Operating profit declined by £6.1 million to £22.0m as result of exceptional items. In 2013, total net exceptional costs were £6.1 million, driven by restructuring expenses, costs related to strategic projects helping to establish the strategy of the group, and acquisition-related costs.
Operating profit in 2012 was impacted by an exceptional gain of £16.8 million as a result of negative goodwill.
TGCG generated £37.8 million from operating activities, up by £29.2 million on 2012 actual reported numbers for the eight month period to December 2012. Net assets grew from £18.4 million to £38.3 million, mainly driven by additional shareholder equity contributions.
Chairman Stephen Murphy said: "I am pleased that 2013 was a year of successful progress and development for The Garden Centre Group. We completed several acquisitions, which further strengthened our market position, continued our focus on strengthening the management team, and made major improvements, which led to the profitability of the business significantly improving."
Chief executive officer Kevin Bradshaw said: "In my first full year as chief executive, I am delighted at the overall performance of the group. Despite a year of challenging weather conditions for the industry, we delivered a positive increase in revenue while exceeding prior year performance on all profit and margin metrics. Our strategy brings a sharp focus on the most valuable opportunities to build and develop the business, and I am confident we will be able to grow significantly in the coming years."
TGCG says 2013 saw a strengthening of the management; new concessions including WHSmith, Laithwaites Wines, Viners and Bonmarche; buying Bolton Garden Centre from Barton Grange Group, Cheddar and Lechlade Garden Centres from Park Garden Centres, and the Garden and Leisure Group from Louis Delhaize Group.