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Preliminary Results 2025
Agenda
Key takeaways
Focus 26 - Creating value for shareholders at pace
Financial review - Geert Verellen, Group CFO
Financial Highlights
FY sales growth 8% with 4% like-for-like growth
Like-for-like sales growth strengthening in all regions in first 8 weeks of FY26
Underlying operating profit £223m, up 13%
Group EPS of 11.9p, up 19% at actual FX rates
Minority interest charge of £60m, 5% lower year-on-year
Non underlying items, primarily impairments and restructuring costs
Cash inflow of £80m resulting in leverage improvement
New CFO impressions and priorities
Five key focus areas to improve cash flow
Cash flow delivery to be underpinned by disciplined capex spend
Capital allocation priorities
Business review
Enhancing returns and value delivery for shareholders
North America: Growth and returns driver for the Group
UK: Reset business on all fronts; driving sustainable growth and margins
APAC & EEME: Building growth and returns in attractive markets
Continental European underperformance driven by French and German Rail and MSA
Significant action taken in FY25.. with benefits just starting
New initiatives in FY26 to deliver additional benefits to those coming through from actions taken in FY25
Confident in building operating profit margin to 5% in medium-term
Further group cost efficiencies identified to underpin FY26 profitability
Building returns on capital employed
Outlook
Mobilising for performance
Creating value for shareholders
Focus 26 - Creating value for shareholders at pace
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