Financial highlights
1% Group underlying sales growth, with 3% maintenance growth and 2% electronics decline
UK sales grew by 4%, benefitting from Raspberry Pi** sales, International sales declined by 1%
Headline profit before tax (2)declined by 19%, with 8% due to fewer trading days and currency
Gross margin declined by 0.8% points, operating costs (2) grew by 2% at constant currency
Second-half performance improved versus the first half, due to gross margin and cost actions
Headline free cash flow grew by 6% to £56.1m, with improved working capital and lower capex
Maintained full-year proposed dividend of 11.75 pence per share
Operational highlights
Continued investment in breadth and depth of offer, with over 70,000 new product introductions
Group eCommerce sales growth of 4%, with Group eCommerce sales share of 56%
Commenced installation of common IT system across Asia Pacific, successful go-live in Australia
Strategy update
New global organisation structure implemented, delivered £7m of annualised cost efficiencies
Evolved to common global strategy, comprising seven strategic priorities
New performance framework, targeting improved financial performance over the medium term
Driven by faster International share gains, UK growth and further operating leverage
