HIGHLIGHTS
Market outperformance
Record revenue of £1,044.3m.
Operating profit before exceptional items1 of £203.7m; all divisions in profit growth.
Pub Company like-for-like (LFL) sales up 1.3%, ahead of the market3.
Strong performance from Pub Partners; LFL net income up 4.2%.
Integration continues ahead of schedule
Synergies expected to be £30m this year; original three year target in two years.
'Best of both' Pub Company IT system in over 700 pubs; completion by July 2017.
50 brand conversions completed; average sales uplifts of over 30%.
Strong financial metrics and dividend progression
Strong free cashflow; £42.4m post core capex & dividends, covers scheduled debt repayments.
4.2x net debt to EBITDA; flexible and long-term debt financing.
Dividend per share up 4.1%; continued long-term dividend progression.
Return on Capital Employed (ROCE) maintained at 9.4%.
