Group sales rose 4.1% year-over-year to £2.4 billion, with strong performance in the final periods and market share gains in the U.K. kitchen segment despite a small market decline.
Reported profit increased 5% year-over-year, outpacing sales growth, and EPS grew 8% due to profit growth, lower tax, and share buybacks.
Maintained industry-leading gross margins and robust operating cash flow, supporting ongoing investment and increased shareholder returns.
Advanced strategic initiatives in depot evolution, product innovation, digital capabilities, and international expansion.
On track to meet current market expectations for 2026, starting the year strongly.
Group sales up 4.1% to £2.4 billion year-over-year; U.K. revenue up 3.8% to £2.3 billion; international revenue up 13.5% to €99 million.
Gross margin improved by 110 basis points to 62.7%; EBIT margin reached 14.7%.
Profit before tax increased 5.1% to £345 million; effective tax rate reduced to 22.4%.
Operating cash flow remained strong at £537.6 million; year-end cash balance was £345 million.
Over £216 million returned to shareholders via dividends and buybacks.
Early 2026 trading is in line with expectations; planning for a flat U.K. kitchen market after years of decline.
Targeting continued market share gains and profit growth, with ongoing investment in strategic initiatives and a new £100 million share buyback for 2026.
Expecting to open around 25 new U.K. depots and five in the Republic of Ireland in 2026.
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