HIGHLIGHTS:
Strong performance with Adjusted profit ahead of expectations
Revenue of £1,875.1m up 3.7% and Adjusted profit before tax up 13.0% to £56.5m, benefitting from the post-acquisition contribution from Tuffnells
Adjusted earnings per share of 19.7p up 0.5%, reflecting post-acquisition profits from Tuffnells and impact of rights issue shares
Free cash flow of £39.8m, up 7.0%; Net debt £153.4m; Net debt/Adjusted EBITDA (3) 1.9x, starting paydown from peak post acquisition debt level
Final dividend of 6.3p up 5.0%, making a full year dividend of 9.2p, up 4.5%
Transformational year for the Group
Scale acquisition of Tuffnells completed in December 2014
o Excellent early performance under Connect Group ownership
o Integration and synergies on track and creating new growth opportunities
Launch of Click & Collect delivery service: Pass My Parcel
o Successfully accelerated rollout to over 3,000 stores
o Agreement in principle to launch new mobile enabled returns service with new client
Foundations in place for continuing growth
Strategy on track with clear opportunities across the Group
Mark Cashmore, Group Chief Executive, commented:
"It has been a transformational year for the Group. Profits were ahead of expectations and we have made significant progress towards our medium-term strategic goals. The foundations for further growth are well established, with a clear strategy in each division enabling us to leverage the Group's capabilities and strengths. We are better positioned than ever to continue growing the business and generating strong shareholder returns."
