Highlights
Revenue up 13% to £1.23 billion (12% in constant currency) - growth was broadly split between existing business and acquisitions
Adjusted Group operating profit before property profit growth of 18% to £64.8m (2015: £55.1m) reflected strong contributions from Ireland, the recent acquisition of Isero in the Netherlands and Selco in the UK
Adjusted Group operating margin before property profit increased by 20bps to 5.3%
Ongoing investment in Selco store opening programme - 50% increase in store numbers expected in the three years to June 2017
Robust cash generation from operations of £108.0 million (2015: £73.2 million)
6% increase in dividend in line with progressive dividend policy
Investment of £40.1 million on acquisitions and capital expenditure in H1 to support future growth
Challenging backdrop in UK merchanting market but organisational restructuring to provide sustainable benefits in 2017
Net debt of £95.7m was £17.9m lower than at 31 December 2015 resulting in gearing of 9%
