"2016 represented an overall strong financial performance despite challenging trading conditions in the traditional UK merchanting market. These results demonstrate the resilience of the Group’s spread of businesses, with strong market positions and exposure to multiple geographies. While uncertainties remain about the UK economy, the recovery in the Irish and Netherlands markets is forecast to continue. The Group’s very cash generative operations and strong balance sheet leave it well positioned to invest in areas where we see good opportunities for growth." – Gavin Slark (7 March 2017)

  2016 2015 2014 2013 2012
Results (£'m)          
Revenue 2,507.3 2,212.0 2,081.7 1,899.8 1,760.8
           
Operating profit (Statutory) 120.1 128.2 110.1 80.0 37.9
Finance (expense)/ income (net) (5.9) (7.9) (8.9) (12.3) (12.9)
Profit before tax 114.2 120.3 101.2 67.7 25.0
Taxation (21.1) (23.8) (21.2) (5.6) 6.6
Profit after tax 93.1 96.5 80.0 62.1 31.6
           
Cashflow          
Cash generated from operations 168.6 139.3 160.0 95.3 85.7
           
Balance Sheets (£'m)          
Capital employed          
Goodwill and intangibles 610.8 554.2 485.9 481.0 476.2
Property, plant and equipment 461.7 430.1 423.4 413.4 458.3
Financial assets 0.1 0.1 0.1 0.1 0.2
Net current assets * 141.5 149.6 112.8 136.5 133.7
Other net non-current liabilities (52.6) (31.4) (40.6) (23.0) (85.9)
  1,161.5 1,102.6 981.6 1,008.0 982.5
           
Financed as follows:          
Shareholders' equity 1,062.1 985.7 902.3 870.3 813.5
Non-controlling interest 3.1 3.3 4.0 4.0 4.1
Net debt/(cash) 96.3 113.6 75.3 133.7 164.9
  1,161.5 1,102.6 981.6 1,008.0 982.5
           
Performance Ratios          
Net debt to shareholders' equity (%) 9% 12% 8% 15% 20%
Current liabilities to current assets (%) 62% 58% 62% 62% 64%
Net finance cost cover on EBITDA (times) 30.2 20.5 16.1 8.8 8.7
           
Per ordinary share (£ pence)          
Basic EPS 39.6 41.6 34.4 26.8 13.6
Adjusted EPS ** 47.7 41.2 34.4 22.3 15.1
Dividend/share purchase per share 13.75 12.5 10.75 8.5 7.0
Net assets per share 449.5 419.0 387.9 374.4 350.6
Dividend/share purchase cover (times) 3.5 3.3 3.2 2.6 2.2

*Excluding net debt/(cash)
**Before amortisation of intangible assets arising on acquisitions and exceptional items of £19.7 million in 2016 and non-recurring items in 2015; and before a pension credit and property impairment in 2013 and before restructuring costs and intangible amortisation in 2012;