Financial highlights
- Revenue of 6,841 million, 5% ahead on a like-for-like basis.
- Trading profit of 310 million, 13% ahead of last year.
- Underlying trading profit in the ongoing business of 318 million, 16% ahead of last year.
- Good cash generation with adjusted net debt of 529 million, 404 million better than 31 January 2011. Net debt will be reduced further on completion of the disposal of Brossette.
- Headline earnings per share of 78p, 30% ahead of last year.
- Interim dividend increased by 33% to 20 pence per share.
Operating and corporate highlights
- Continued strong growth in USA and weakness in Europe.
- Gains in productivity and strong flow-through of incremental revenue to trading profit.
- Underlying trading margin for the ongoing businesses of 5.0%, 0.4% higher than last year.
- Six bolt-on acquisitions completed since 1 August 2011 for 41 million with aggregate annual revenue of 100million and invested 6 million in 39 new branches.
- Disposals of Encon, Build Center and residual stake in Stock Building Supply completed.
- Completion of Brossette sale expected shortly.
