Key highlights:
Improved post-tax cash returns on pre-12 investments to 25.1%(i)
Group revenue up 5.5%(ii) to £2,233.4m and underlying operating profit up 14%(ii) to £186.2m
Overheads reduced 13%(ii); down 300bp as a percentage of revenue to 11.7%
Generated £286.1m or 30.8p per share of cash in 2016 (before net growth capital expenditure, share buybacks, dividends and disposal proceeds), an increase of 33%.
Underlying earnings per share up 34% to 15.0p
Conservative balance sheet maintained with net debt of £151.3m (0.4x underlying net debt:EBITDA)
Key banking facility increased to £550.0m and maturity extended to 2021, with option to extend to 2023
13% increase in full year dividend to 5.1p (2015 : 4.5p)
Current trading in-line with management expectations
