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John Carter & Tony Buffin discusses Interim Results 2016

Interim results for the period ended 30 June 2016

Interim results for the period ended 30 June 2016

Financial Highlights
Financial Highlights
Operating Highlights
Financial Summary
Financial Highlights
  • Revenue increased by 5.8% with like-for-like sales up 3.1% (9.0% on a two-year basis) demonstrating continued outperformance of the market
  • Adjusted operating profit increased by 4.9% to £194m
  • Adjusted EPS increased by 7.7% to 58.4p
  • Interim dividend increased by 3.4% to 15.25p per share
  • Good adjusted free cash flow generation of £165m, with cash conversion of 85%
Operating Highlights
  • 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
2015 2014
£m % £m
Revenue 5,942 6.5 5,581
Like-for-like revenue 3.7%   7.3%
Adjusted operating profit 413 7.6 384
Adjusted operating profit excluding property profits 389 8.7 358
Adjusted profit before taxation 382 5.5 362
Adjusted earnings per share (pence) 124.1 4.3 119.0
Dividend per share 44.0 15.8 38.0
Lease adjusted ROCE 10.5% 0.1ppts 10.4%
Free cash flow 317   255

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