Key highlights:
Strong underlying performance, with operating profit up 27% at constant currency
Good cash performance, with £176m (18.6p per share)
of cash generated before net growth capital expenditure and dividends
Grew the network by 24% at a significantly lower average net cost of investment
Pro-forma net debt of £55m (0.3x net debt: EBITDA). Adjusting for £84m post year end property disposals, we self-funded growth in 2014
Achieving attractive returns on investment - 20.9% 2014 post-tax cash return on all net investment made up to 2011
11% increase in dividend to 4.0p
