HIGHLIGHTS
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John Carter, Chief Executive, commented:
"Whilst it is still relatively early in the recovery of the UK construction industry, the new housing market, new commercial and industrial markets and the repair, maintenance and improvement market ("RMI") have been performing largely as we expected. As we expected the key lead indicators have settled into a still positive, but more moderated and consistent trend. This backdrop allied to our "self-help" growth initiatives should support on-going market share gains, medium-term double digit operating profit growth and continuing growth in return on capital.
We have seen encouraging progress in the majority of our businesses during the first year of implementing the Group's updated strategy. Our key priorities remain on modernising General Merchanting, transforming Wickes and reconfiguring our plumbing and heating businesses to better suit their customers' needs. Structural advantages in sourcing and supply chain allied to superior ranges, availability and value propositions should enable the Group to sustain market outperformance and give us confidence in the Group's prospects for the foreseeable future."
1Throughout this Report the term "adjusted" has been used to signify that the effects of exceptional items, amortisation of intangible assets and the associated tax impacts have been excluded from the disclosure being made.
