Key developments:
Revenue, profit and cash flow reached record levels driven by the successful implementation of the Vision 2020 growth strategy;
Revenues grew 53% reflecting the contribution from recent acquisitions and c.3% underlying organic growth;
Return on sales improved to 11.1% (2015: 10.3%);
Adjusted operating profit of £136.3m with the adjusted EPS improving by 45% to 30.7p;
Strong cash generation with free cash flow at £118m (2015: £57m);
Significant acquisition (BPI) made during the period, with four further acquisitions completed after the half year;
GCS organisational integration completed and BPI's integration well advanced. Overall acquisition related steady state cost synergy forecast increased from €92m to at least €100m per annum;
Interim dividend of 6.5p up 35%.
Commenting on the results, Pim Vervaat, Chief Executive, said:
"I am very pleased with the overall business performance in the first half year, leading to record profitability levels with solid underlying organic growth and strong cash conversion. Both the GCS and BPI acquisitions, whose integration is well advanced, have performed well with additional cost synergies identified. As we successfully execute our stated Vision 2020 strategy, further attractive opportunities to grow the Group present themselves as the pace of consolidation in the industry accelerates. Good opportunities exist for higher added value organic growth whilst at the same time consolidating certain market positions. The second half year has started well."
