Financial highlights
− Revenue 6.7% ahead of last year at constant exchange rates with like-for-like growth of 3.2%.
− Changes in foreign exchange rates increased revenue by £1,131 million.
− Gross margin of 28.6%, 0.3% ahead of last year.
− Trading profit of £515 million, 5.0% ahead of last year at constant exchange rates. Commodity deflation reduced trading profit by £17 million in the USA.
− Net debt of £1,297 million.
− Interim dividend of 36.67 pence per share, an increase of 10.2%.
Operating highlights
− US revenue growth of 9.9% at constant exchange rates.
− US residential and commercial markets were good, the industrial market improved slightly.
− UK transformation program on plan and trading held up well in the first half.
− Strong e-commerce growth with sales of £1.4 billion, now 17% of Group revenue.
− Completed eight bolt-on acquisitions for total consideration of £271 million and two further acquisitions since the period end.
