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    2019 half year results

    FINANCIAL HIGHLIGHTS
      H1 2019 H1 2018 Change Like-for-like change1
    Adjusted1        
    Sales (£m) 759.1 728.0 4% 1%
    Operating profit (£m) 83.5 77.2 8% 4%
    Operating margin (%) 11.0% 10.6% 0.4pp 0.3pp
    Profit before tax (£m) 77.2 74.1 4%
    Earnings per share (pence) 52.4p 50.4p 4%
    Operating cash flow conversion (%) 89% 69% 20pp
    Return on gross capital employed (%) 13.4% 14.2% (0.8pp)
    Statutory      
    Sales (£m) 759.1 728.0 4%
    Operating (loss)/profit (£m) (46.1) 45.5 n/a
    Operating margin (%) (6.1%) 6.3% (12.4pp)
    (Loss)/profit before tax2 (£m) (50.1) 96.6 n/a
    Basic (loss)/earnings per share (pence) (41.8p) 74.6p n/a
    Dividend per share (pence) 21.9p 20.5p 7%

    1 Alternative performance measures (‘APMs’) are used consistently throughout this press release and are referred to as ‘adjusted’ or ‘like-for-like’ (‘LFL’). These are defined in full and reconciled to the statutory measures in Note 2 to the Condensed Financial Statements. Consistent with the Group Consolidated Financial Statements for the year ended 31 December 2018, adjusted measures are presented before restructuring costs.
    2 The main adjusting items to statutory profit before tax in H1 2019 were goodwill impairment of £35.1 million, impairment of intangible assets of £45.8 million and restructuring costs of £29.1 million, reducing basic earnings per share by 95.1 pence. The main adjusting items in H1 2018 were a profit on disposal of business of £57.0 million and restructuring costs of £6.7 million, increasing basic earnings per share by 53.5 pence.

    EXECUTIVE SUMMARY

    “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

    WEBCAST


    Listen to the webcast at 09.30 BST

    PRESENTATION


    Download the half year results presentation

    RESULTS ARCHIVE


    View previous results announcements and presentations.

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