Financial highlights

Year ended 31 March 2019

Total revenue £m

£331.0m

+10.3%

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Definition

Reported Group revenue for the year which excludes discontinued operations.

Performance

Total revenue for the year increased by £30.9m (10.3%), 11.6% on a constant currency basis, and 2.3% on a constant currency like for like basis. UK revenues increased by 13.7% and in line with last year on a like for like basis. South African revenues rose by 3.4% on a reported basis and by 7.2% on a constant currency basis.

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Underlying operating profit £m

£34.4m

+25.5%

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Definition

Reported operating profit as adjusted for IAS 19R administrative expenses, acquisition related costs and exceptional operating items, as defined in note 8 to the financial statements.

Performance

Underlying operating profit increased by £7.0m (+25.5%) and included in the first full year contribution of Merlyn.

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Dividends per share p

8.4p

+7.7%

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Definition 

The total of the interim dividend and the proposed final dividend for the financial year. 2015 has been restated to reflect the 10:1 share consolidation completed on 29 September 2015.

Performance 

In line with the Board’s progressive dividend policy the dividends per share increased 7.7% to 8.4p per share from 7.8p per share.

Group revenue outside the UK %

41.7%

-2.6%

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Definition

Revenue from the Group’s South African operating segment plus export revenue from the Group’s UK operating segment.

Performance

Group Revenue outside the UK has reduced in the year to 41.7% reflecting a full year of Merlyn within the Group and a weaker Rand. On a pro-forma basis including the House of Plumbing business and in constant currency terms, we are much more closely in line with this target at 46.4%.

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Underlying return on capital employed %

18.2%

+20bps

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Definition

Underlying operating profit expressed as a percentage of the average of opening and closing underlying capital employed (as defined in note 8 to the financial statements).

Performance

Underlying ROCE remained above the strategic range of 15% over the economic cycle.

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Underlying operating cash flow £m

£39.8m

+28.4%

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Definition 

Cash generated from continuing operations as adjusted for cash flows from exceptional items and pension fund deficit recovery contributions, as defined in note 8 to the financial statements.

Performance 

Underlying operating cash generation increased to £39.8m, an increase of £8.8m over the prior year, reflecting increased profitability and a continued focus on working capital management.