Financial Highlights
Group underlying sales growth of 3%, with 5% International growth and 2% UK decline
International sales driven by 10% growth in North America, 2% in Europe with Asia Pacific up 5%
Gross margin declined by 0.7% points, reflecting mix and increased discounting in UK and Asia Pacific
Headline profit before tax decreased by 16%, with 10% (£4m) due to fewer trading days and currency
Reported profit before tax increased by 24%, benefitting from a £20m non-cash pension credit
Headline cash flow impacted by increased capex and stock investment to drive the global product offer
Strong balancesheet with net debt:EBITDA of 1.2 times
Interim dividend per share maintained at 5.0 pence
Operational Highlights
Group eCommerce sales growth of 5% with share of Group sales at 58%
Famous Forproduct sales, comprising electronics and automation and control, grew by 5%
Added 33,000 new products in RS and 30,000 in Allied, primarily in our Famous For categories
15% of product range now available to customers around the world, up from 10% at the end of March
Completed global roll-out of SAP; final market, Japan, went live in October
Reorganisation of APAC and UK sales forces undertaken to drive cost efficiencies and greater focus
