The Travis Perkins Board recommends a full-year dividend of 48.5p, an increase of 3.2% (2018: 47.0p), reflecting the Board's confidence in the future cash generation and prospects of the Group.
Other financial highlights include:
- Like-for-like revenue growth of 3.8% with total revenue growth of 3.2%
- Good growth in the Merchant businesses despite challenging market conditions, continued excellent growth in Toolstation and a strong recovery in Wickes
- Adjusted operating profit growth of 7.8% driven by Wickes recovery, the transformation programme in P&H and the positive impact of cost reduction activities
- Net adjusting items of £187m including a £108m impairment relating to halting of the ERP replacement programme
- Return on Capital Employed increased by 50bps to 10.1% against a 2018 IFRS 16 comparative figure
- Continued strong free cash flow generation of £195m