Highlights
Like-for-like*** sales increased by 3.8%; market outperformance of 2.8%
Return on capital employed up 90bps to 10.3%
Strong progress and overdelivery on strategic initiatives
£10.1m net benefit in 2014, well ahead of original target
Procurement gains drive 50bps improvement in gross margin
Underlying operating margin increased 20bps to 4.2%
Underlying EPS up 11.2% to 11.9p
Statutory profit before tax of £39.0m
12 infill acquisitions for £20.9m and related earn-out
Three underperforming businesses divested
Net debt of £126.9m; leverage remains at 1.0x
Final dividend increased by 24.2%; total dividend up 23.9% to 4.40p per share
