“We have delivered results in line with expectations in the first half, despite the more challenging macroeconomic environment. While our LFL sales growth moderated in the first half of 2019, profitability and cash conversion improved.
Our expectations for the full year remain unchanged, while recognising that the current macroeconomic conditions make it more challenging. We will continue to focus on what we can control; implementing targeted growth initiatives, refocusing the portfolio and driving operating margin expansion, with increased benefits from our profit improvement programme coming through in the second half.
We have completed our strategic review and are clear on the opportunities and potential ahead of us. We are now focused on executing our strategy for profitable growth and creating significant value for our customers, shareholders and employees.”
Andrew Heath, Chief Executive