Financial Highlights
Total sales £2.2bn, +16.5%
Booker like-for-like sales +2.3%, tobacco sales -2.2% and non tobacco sales +5.0%
Operating profit (pre £7.0m exceptional credit related to Makro acquisition) +16% to £59.0m
Profit before tax (pre exceptionals) £58.1m +17%
Profit after tax (post exceptionals) £53.8m +43%
Underlying earnings per share up 0.25 pence to 2.73 pence
Reported basic earnings per share up 0.82 pence to 3.11 pence
Net cash improved to £123.4m (2012: £69.8m)
Operational Highlights
Customer Satisfaction at Booker and Makro improved
Non tobacco like for likes were up 5%
Internet sales up 11% to £369m
Booker Direct, Ritter Courivaud, Classic and Chef Direct are on track
Makro turnaround is on plan and we should deliver £26m of synergies this year
Our Indian business continues to progress, having opened two sites in the half. We now have six branches in India
Interim dividend and proposed special cash return
Booker's strategy to drive and broaden its business is working. As a result the Board has declared an interim dividend of 0.45 pence per share, up 18%. In July 2012 Booker Group plc issued £124m of shareholder equity to purchase Makro in the UK. Following the successful integration of Makro into the Group and strong cash generation, we intend to implement a special cash return to shareholders of approximately £60m in 2014. Further details will be provided at the time of our preliminary results in May 2014.
Outlook
Group turnover in the second half to date is ahead of the same period last year. Working capital levels and costs are in line with plan. Overall, Booker Group plc continues to trade in line with management expectations.
Commenting on the results, Charles Wilson, Chief Executive of Booker, said,
"Our plan to Focus, Drive and Broaden Booker Group is on track. The team at Makro have settled into the Group and are making a real contribution. Through working together Booker and Makro are improving the choice, price and service for our retail, catering and small business customers. Our Customer Satisfaction improved which helped drive non tobacco like for like sales up 5.0%."
