5 year summary

Consolidated income statement

2011
£m
2012
£m
2013
£m
2014
£m
2015
£m
Revenue 4,779.1 4,844.9 5,148.7 5580.7 5,941.6
Operating profit before amortisation and exceptional items 313.2 325.7 347.6 384.0 412.6
Amortisation (12.9) (17.4) (17.9) (17.6) (18.0)
Exceptional items (9.8) (8.7) - (23.3) (140.6)
Operating profit 290.5 299.6 329.7 343.1 254.0
Exceptional investment income - 39.5 9.4 - -
Net finance costs (20.9) (39.9) (26.5) (21.7) (30.5)
Profit before tax 269.6 299.2 312.6 321.4 223.5
Income tax expense (57.2) (50.5) (47.9) (62.7) (55.8)
Net profit 212.4 248.7 264.7 258.7 167.7
Adjusted return on capital 11.3% 11.5% 11.8% 12.7% 12.9%
Basic earnings per share 90.3p 104.3p 109.9p 105.9p 67.8p
Adjusted earnings per share 93.1p 90.6p 103.6p 119.0p 124.0p
Dividend declared per ordinary share (pence) 20.0p 25.0p 31.0p 38.00p 44.0p
Number of branches at 31 December
(Includes branches of associates)
1,868 1,896 1,939 1,975 2,028
Average number of employees 21,423 21,632 21,937 23,480 23,286

Consolidated balance sheet

2011
£m
2012
£m
2013
£m
2014
£m
2015
£m
Assets
Non-current assets
Property, plant and equipment 562.6 578.4 609.9 689.3 849.1
Goodwill and other intangible assets 2,095.1 2,232.3 2,223.7 2,223.6 2,116.3
Derivative financial instruments 40.3 12.8 9.3 21.2 22.5
Interest in associates 51.3 6.7 7.3 1.7 7.9
Investment property and other investments 1.9 2.8 3.1 3.6 8.2
Current assets
Inventories 596.0 637.1 687.7 742.7 761.8
Trade and other receivables 746.1 746.4 822.9 931.8 966.1
Cash and cash equivalents 78.6 139.1 79.8 108.3 83.8
Total assets 4,171.9 4,355.6 4,443.7 4,722.2 4,815.7
Capital and reserves          
Issued capital 24.4 24.5 24.7 24.9 25.0
Share premium account 480.8 487.2 498.0 510.5 518.9
Merger reserve 326.5 326.5 326.5 326.5 326.5
Own shares (75.2) (62.4) (40.6) (28.5) (15.5)
Other reserves 15.7 18.5 16.7 16.8 16.9
Accumulated profits 1,277.2 1,461.3 1,689.9 1,827.5 1,918.1
Total equity 2,049.4 2,255.6 2,515.2 2,677.7 2,789.9
Non- current liabilities
Interest bearing loans and borrowings 598.2 195.2 421.6 440.0 411.4
Derivative financial instruments 5.9 4.9 4.5 0.5 -
Retirement benefit obligations 123.7 125.9 71.4 97.5 52.2
Long-term provisions and other payables 28.9 67.0 22.6 7.8 17.7
Deferred tax liabilities 77.8 69.1 61.3 66.7 61.3
Current liabilities
Interest bearing loans and borrowings 63.6 396.1 5.8 43.5 139.8
Derivative financial instruments - 2.6 1.8 - -
Trade and other payables 1,088.3 1,107.6 1,218.1 1,255.2 1,214.7
Tax liabilities 75.9 74.8 73.2 71.6 90.2
Short-term provisions 60.2 56.8 48.2 61.7 38.5
Total liabilities 2,122.5 2,100.0 1,928.5 2,044.5 2,025.8
Total equity and liabilities 4,171.9 4,355.6 4,443.7 4,722.2 4,815.7

Consolidated cash flow statement

2011
£m
2012
£m
2013
£m
2014
£m
2015
£m
Cash generated from operations 345.1 327.6 319.2 310.2 350.3
Net interest paid (23.5) (27.3) (20.5) (15.0) (19.7)
Income taxes paid (26.3) (64.5) (59.2) (49.9) (47.8)
Net purchases of investments, property and plant (94.2) (49.7) (90.3) (134.1) (247.1)
Interest in associates (2.3) (2.9) (2.9) (2.1) (3.5)
Disposal of businesses 26.9 - - - -
Acquisition of businesses net of cash acquired (9.9) (24.5) (9.3) (15.7) (26.0)
Proceeds from issuance of share capital 10.6 8.9 13.9 14.3 10.0
Dividends paid (38.8) (51.2) (65.1) (81.1) (100.2)
Bank facility finance charges (6.1) - - (2.6) (3.9)
Movement in  finance lease liabilities (1.6) 5.7 (2.1) (2.5) (2.7)
Repayment of unsecured loan notes - - - - (40.8)
Liability to pension scheme - - - - -
Increase / (decrease) in bank loans (152.2) (61.6) (143.0) 7.0 (106.9)
Net   increase / (decrease) in cash and cash equivalents 27.7 60.5 (59.3) 28.5 (24.5)
Net debt at 1 January (773.6) (583.2) (452.2) (347.6) (375.2)
Non cash adjustment 8.9 14.6 18.8 (54.2) (8.3)
Cash flow from debt and debt acquired 153.8 55.9 145.1 (1.9) (59.4)
Net debt at 31 December (583.2) (452.2) (347.6) (375.2) (467.4)
Free Cash Flow 293.5 241.8 239.6 254.7 316.6