Graftons interim dividend has been increased by 8.3 per cent to 6.50p from 6.00p. The increase is in line with the Board's progressive dividend policy which is based on increasing dividends as earnings grow.
Other financial highlights include:
Revenue up 2% to £1.4 billion - 3% increase in constant currency
Further positive progress towards medium term pre IFRS 16 financial objectives with adjusted operating margin increasing by 20 bps to 6.8% (2019 reported 7.2%) and ROCE up by 100bps to 15.0%
Strong organic growth in Merchanting and Retailing businesses in Ireland
Good growth in Netherlands and scale of business increased with Polvo acquisition
Operating profit margin ahead in UK merchanting business in a softer market
Conditional agreement to exit the Belgium business announced today - business reclassified as held for sale / discontinued operation
Strong pre-IFRS 16 cash flow from operations of £118.9 million (2018: £109.7 million) (2019 reported £157.6 million)
IFRS 16 applies from 1 January 2019 - implementation of accounting standard has a significant impact on the measurement and presentation of the financial statements but no economic impact on the Group.