Highlights
- Full year adjusted operating profit of £96.0m, with full year sales per day declining 2.8%.
- Industry leading operating margin at 10.1%.
- Q4 sales declined 3.0% year on year. Sequential quarterly growth achieved in all segments except MDD Americas, where actions have been taken and performance has improved since November.
- Our active customer base exited Q4 up 1.3% on the prior year and 0.8 percentage points over Q3, excluding Raspberry Pi, reflecting the strength of our proposition and giving us confidence in future opportunities.
- Operating expenses were 28.0% of sales in Q4 compared with 28.3% in the prior year as we continue to effectively manage our cost base.
- Actions taken to increase our operational efficiency at both the start and end of Q4 will deliver annualised cost savings of £6.4m, an incremental £2.4m saving to the actions announced in our third quarter statement.
- Operating cash flow conversion(e) for the year remained strong at 125% and free cash flow of £58.1m up 23.1%.
- The Board recommends a final dividend of 6.0 pence per share (2011/12: 6.0 pence). This will result in a proposed full year dividend of 10.4 pence per share (2011/12: 10.4 pence).
