Highlights:
- Record underlying operating profits of £471m, up 18% despite the challenging geopolitical and economic environment.
- Record profits delivered by the UK as a result of increased sales of differentiated and exclusive products, with online being the biggest channel.
- Record profits also delivered by the Nordic region, Belgium, the Netherlands, Canada and Austria.
- Record cash flow generation, with free cash flow before dividends and acquisitions of £451m and a £4m net cash position, providing balance sheet strength.
- Significant reduction in net separately disclosed items to £74m (2010: £255m) contributed to a £211m improvement in statutory operating profit.
- Strong underlying earnings per share growth of 24%.
- Business improvement target increased by £29m to £107m, to be delivered in broadly even tranches over the next three years.
