Highlights:
Underlying revenue up 1.2% and underlying operating profit up 3.3%
Results include the successful acquisition of Tuffnells from 19 December 2014
Strong free cash flow generating £16.0m, up 34.2%
Underlying rebased EPS of 8.6p, down 5.5% as a result of the phasing of post-acquisition profits from the Tuffnells acquisition and rights issue shares
Rebased DPS of 2.9p up 3.6%, reflecting confidence in the Tuffnells acquisition and ongoing Group prospects
News & Media:
o Continued resilience of newspaper and magazine markets
o Developing the Pass my Parcel offer with Amazon and accelerating investment
Books:
o Stabilised performance and assessing longer term opportunities
o Wordery continuing impressive growth
Education & Care:
o Growth in core categories with strength in Primary and Early Years
o Investments being made to enhance customer proposition
Parcel Freight:
o Continued strong sales and profit growth in post-acquisition period
o Integration and synergies on target
Mark Cashmore, Group Chief Executive, commented:
"The Group has made an encouraging start to the year, making strategic progress across all divisions and successfully completing the major acquisition of Tuffnells. Tuffnells represents a significant step in our growth strategy and we are delighted with its initial performance. We have also been investing across the rest of the Group to position us for sustainable growth and are pleased with the progress we are making."
