Strong First Half Results
Total sales for the group were GBP 6.8 billion, with like-for-like sales up 1.9%. Adjusted profit before tax increased by 10.2% to GBP 368 million, and adjusted EPS rose by 16.5%.
Growth in Key Segments
Double-digit growth in both trade and e-commerce sales during the half. Trade sales grew by 11.9%, and e-commerce growth was 23.8%.
Increased Profit and Cash Flow Guidance
The company has raised its profit and free cash flow guidance for the full year, expecting to achieve the upper end of the adjusted profit before tax range of GBP 480 million to GBP 540 million.
Operational Efficiency
Gross margin expanded by 100 basis points, driven by buying efficiencies and operational cost initiatives. Free cash flow generation in the half was GBP 478 million, an increase of 13.5%.
Expansion in Digital and Trade Segments
Continued investment in digital platforms and trade customer propositions, with trade now representing 28% of group sales.