Annual Financial Report
Financial Highlights
· Group revenues up 7.9% (Q4 LFL: Retail: +9.9%; Autocentres +4.3%)
· Cycling LFL growth of 19.4% (Q4 Cycling LFL: +41.6%)
· Online Retail growth of +17.7% (Q4:+27.5%);
· Retail costs and margins in line with guidance
· Basic earnings per share up 4.0%
· Capital expenditure up 61.7% to £30.4m, supporting the first year of the Retail Getting Into Gear strategy
· Free cashflow of £39.5m, after a one-off tax settlement of £21.0m; Net Debt to EBITDA at 1.0:1
Business Highlights
· A year of Cycling underpinned by a major cycle-range refresh and an increased presence in the Parts, Accessories and Clothing market
· Strong results emanating from our Service Revolution, with a significant rise in customer-feedback scores
· 27 stores trading in the refreshed format as our Stores Fit To Shop rollout continued
· A new Retail website launched in November 2013 with a material increase in conversion
· New leadership for Autocentres focusing on colleagues and the customer experience