Financial Highlights
Revenue up 6% to a record £2.21 billion (8.9% in constant currency)
Adjusted Group operating profit up 15% to £126.8 million from £110.1 million
Adjusted Group operating profit margin increased by 40 basis points to 5.7% from 5.3%
Adjusted Group profit before taxation up 17% to £118.9 million from £101.2 million
Adjusted basic earnings per share up 19% to 41.0p
16% dividend increase reflects strong improvement in profitability
Strong cash generation from operations of £139.3 million and year-end gearing of 12%
Return on capital employed increased by 110 basis points to 12.2%
Operating Highlights
UK merchanting business continued to generate good revenue and profit growth
Selco performed particularly strongly and opened five new branches
Significant improvement in Irish merchanting business supported by improving economic and
construction trends
DIY business in Ireland back on a growth path
Successful entry into the Netherlands merchanting market on completion of Isero acquisition
