Financial highlights
Revenue of the ongoing businesses 5.9% ahead of last year.
Gross margin ahead of last year at 28.3% (2015: 27.9%).
Trading profit of the ongoing businesses £410 million, 5.1% ahead of last year.
Good cash generation from operations with net debt of £1,253 million after dividends of £154 million and share buybacks of £162 million in the first half.
Interim dividend of 33.28 pence per share, an increase of 10.0%.
After a low point in November, like-for-like revenue growth over the subsequent three month period to 29 February 2016 improved to 3.2% for the Group and 5.7% in the USA.
Operating and corporate highlights
Continued growth and market share gains in the USA in good commercial and residential markets, partly offset by weak industrial markets.
Improved performance in the Nordics with continuing focus on rebuilding profitability.
Tight cost control and restructuring initiated in a challenging UK market. £15 million of restructuring costs committed in the second half.
Strong growth of e-commerce, now 14% of Group revenue.
Completed six bolt-on acquisitions with annualised revenue of £115 million and two further acquisitions since the period end with annualised revenue of £13 million.
Disposal of French Building Materials activities completed on 7 March 2016.
