Business
Travis Perkins PLC : Audited results for the fi...
Travis Perkins PLC : Audited results for the fi....
About this update from Travis Perkins Plc
[{"type":"text","content":"\n Travis Perkins PLC : Audited results for the financial year ended 31 December 2017Travis Perkins plcAudited results for the financial year ended 31 December 2017Solid execution and positioning the business for long-term growth £m NoteFY 2017 FY 2016 Change Revenue 6,433 6,217 3.5% Like-for-like revenue growth(1)173.3% 2.7% Adjusted operating profit(1)6a380 409 (7.1)% Adjusted operating profit excluding property(1) 351 392 (10.5)% Adjusted profit before taxation(1)6c343 381 (10.0)% Adjusted earnings per share(1)11b110.4p 120.4p (8.3)% Net debt(1)14(342) (378) £36m Dividend per share (pence) 1246.0p 45.0p 2.2% Lease adjusted ROCE(1)15b10.1% 10.9% (0.8)ppt Operating profit 6a327 100 Profit before taxation 290 73 Basic earnings per share (pence) 11a93.1p 5.1p (1) Alternative performance measures are used to provide a guide to underlying performance and details of the calculations can be found in the notes listed HighlightsRevenue growth of 3.5% in 2017, with like-for-like growth of 3.3%Adjusted operating profit of £380m following investments made to improve customer propositionsFree cash flow generation of £407m, with strong cash conversion of 107%Net debt reduced by £36m to £342mFull-year total dividend of 46.0p, an increase of 2.2% reflecting strong cash performanceEncouraging early signs from the Plumbing & Heating transformation plan announced in August 2017. As previously disclosed, an exceptional charge of £40.9m has been recognised in connection with the plan.John Carter - Chief Executive Officer said:\"2017 was a challenging year for the Group, with continuing uncertainty in our end-markets, and declining consumer confidence throughout the year. The main focus for our businesses has been to recover the significant cost price inflation encountered and on the whole, this has been achieved successfully. Despite the challenging environment, we have continued to make disciplined investments in our customer proposition for the long term. Both the General Merchanting and Consumer divisions were held back by this investment in a higher cost base which ran ahead of volume growth. The Contracts division delivered another excellent performance, with strong revenue growth generating good operating leverage. Progress in Plumbing & Heating following the a...