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John Carter & Tony Buffin discusses Full Year Results 2016

Results for The Year Ended 31 December 2016

Results for The Year Ended 31 December 2016

Financial Highlights
Financial Highlights
Financial Summary
Financial Highlights
  • Revenue increased by 4.6%, like-for-like revenue up 2.7% (6.6% two-year like-for-like)
  • Adjusted operating profit, excluding property profits, increased by £3m to £392m (2015: £389m)
  • The balance sheet was further strengthened with net debt reduced by £69m to £378m
  • Strong underlying free cash flow generation of £436m at a cash conversion rate of 107% (2015: 77%), used to fund £187m of growth capital expenditure
  • Full-year dividend increased 2.3% to 45.0p per share, reflecting confidence in cash generation
  • Network expansion continued, with 82 new branches and stores opened, and 57 underperforming branches closed
  • Lease adjusted return on capital employed reduced to 10.9% reflecting continued investment in network expansion, store refits and IT which will underpin future earnings growth and cash generation
  • Gross capital investment of £120m, including £49m of freehold property investments
  • Strong balance sheet, with committed long-term funding and significant liquidity headroom to continue investing
  • Network expansion of net 14 new branches and stores opened in the half
Financial Summary
2016 2015
£m % £m
Revenue 6,217 4.6% 5,942
Like-for-like revenue 2.70%   3.80%
Adjusted operating profit 409 -1.0% 413
Adjusted operating profit excluding property profits 392 0.80% 389
Adjusted profit before taxation 381 -0.30% 382
Adjusted earnings per share (pence) 120.4 -3% 124.1
Dividend per share 45 2.30% 44
Lease adjusted ROCE 10.90% (0.7ppts) 11.60%
Free cash flow 393   317

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