Strong sales performance across the Group, with Retail LFL8 sales up 6.8%; inflation fell throughout the year, with volume growth in the UK and Republic of Ireland across the second half
- UK & ROI LFL sales up 7.3%, including UK up 7.7%, ROI up 6.8% and Booker up 5.4%
- Central Europe LFL sales up 0.2% in a challenging trading environment, with our investments in value supporting an improving volume trajectory during the second half
· Statutory revenue £68,187m, up 4.4%, includes impact of (17.2)% lower fuel sales, primarily due to reduced retail prices
· Retail adjusted operating profit5 £2,760m, up 10.9% at constant rates, including Save to Invest delivery of c.£640m
- UK & ROI adjusted operating profit £2,670m, up 15.7%, as a strong trading performance and accelerated cost savings offset significant cost headwinds and our investments in value, quality and service
- Central Europe adjusted operating profit £90m, down (50.0)%, primarily driven by cost inflation headwinds and regulatory actions in Hungary
· Statutory operating profit1 £2,821m, up 100.1%, reflects last year's £(982)m non-cash impairment charge compared to a £28m net release this year
· Strong retail free cash flow6 £2,063m, including a positive working capital inflow of £418m
· Net debt6,7 reduced by £729m due to strong cash flow and Bank special dividend of £250m; net debt/EBITDA ratio at 2.2x
· Supporting returns to shareholders through ongoing buyback programme; £750m of shares purchased during 23/24
· Proposed final dividend of 8.25pps, with full year dividend of 12.10pps, up 11.0% year-on-year
And later;
The proposed final dividend was approved by the Board of Directors on 9 April 2024 and is subject to the approval of shareholders at the AGM. The proposed dividend has not been included as a liability as at 24 February 2024. It will be paid on 28 June 2024 to shareholders who are on the Register of members at close of business on 17 May 2024.
A dividend reinvestment plan (DRIP) is available to shareholders who would prefer to invest their dividends in the shares of the Company. For those shareholders electing to receive the DRIP, the last date for receipt of a new election is 7 June 2024.
https://www.investegate.co.uk/announcem ... ts/8129414
Also posted on Company News here; viewtopic.php?p=658751#p658751
I hold these in my HYP, and I know others here do too, so this may be of interest here.
Ian.