FINANCIAL HIGHLIGHTS
Group revenue up 1.4% at £4,845m, down 1.4% on a like-for-like basis
Adjusted operating profit, up 4.3% to £327m, adjusted PBT up 1.1% to £300m, and adjusted EPS up 2.1% to 95.1p
Reported PBT after exceptional items (note 6 and note 9) up 16.2% to £313m
Sustained adjusted operating margin to 6.7%
Free cash flow generated of £242m
Underlying £155m debt reduction, net debt down to £452m, with lease adjusted net debt to EBITDAR at 3.2x (2011: 3.4x) (note 17)
Full year dividend of 25p per share up 25%, with adjusted dividend cover now 3.8 times
OPERATING HIGHLIGHTS
Increased BSS synergy target achieved and integration programme near completion
Toolstation network expansion to 123 branches and Toolstation Europe trial launched in the Netherlands
Gross margin before synergies increased by 0.2%
Tight cost control, like-for-like overheads down 2.3%
Solfex systems acquired on 30 January 2013 for initial consideration of £8m
