Highlights
Total Group revenue up 5.3% at constant currency exchange rates ("CER") to £717.3 million; down 0.9% at reported rates
Gross margin down 80 basis points to 30.9% (2014: 31.7%): improvement programme initiated in the second quarter with encouraging progress to date
Underlying profit before tax reduced by 15.1% at CER to £27.6 million (2014: £35.1 million)
Underlying EPS reduced by 27.1% to 15.1p (2014: 20.7p)
Cost reduction and restructuring programme completed saving £5 million in the year, incurring an exceptional charge of £11.1 million
Net debt at 31 December 2015 of £104.3 million (2014: £85.3 million); increased focus on cash generation to reduce the Group's net debt, including a stock reduction programme underway to reduce inventory by £30 million during 2016
Dividend maintained at 10.7p (2014: 10.7p), reflecting continuing confidence in the outlook for the business
Good performance in Continental Europe insufficient to offset a disappointing performance in UK and Nordic regions. Management action plan commenced to improve performance of UK business, and Brammer growth drivers introduced into Scandinavia
Two new Executive Director appointments; Duncan Magrath and Steve Ashmore
