Our financials

We operate across 22 countries, giving us the ability to offer a single source of supply across a wide geography. Our customers are increasingly seeking a trusted partner to provide consistent quality and service across multiple countries and locations.

As the market leader in a highly fragmented European market, we use our established M&A capabilities to identify and execute branch additions and strategic acquisitions aligned to our strategy, and which consolidate our position in the market.

For our customers, this large and growing scale helps us to reduce their total costs of ownership and increase their production efficiency.

We are closely monitoring the impact of Covid-19 on our employees, customers, supply chains and liquidity. We have taken steps to ensure that any associated risks are carefully managed.

We are fully operational and working closely with our customers to keep their businesses moving. As Europe’s largest distributor of industrial products and services, for many of our leading suppliers we are their largest European distributor. This enables us to secure supply for our customers in a way that many others cannot.

 Revenue +6%² 

Underlying annual revenue reached €2,409m, an increase of 5.4% when compared to 2018. Excluding exited accounts, underlying annual revenue increased by 5.9%. Network Development branch additions and Strategic Acquisitions made during the year contributed €99m (2018: €57m) to revenue.

 EBITDA +15% 

Underlying EBITDA of €226m (2018: €197m) increased by €29m compared to prior year due to operational improvements and branch additions and strategic acquisitions completed in the year.

 Cash flow +27% 

Net cash generated from operating activities before exceptional and acquisition related costs totalled €192m (2018: €151m). Net capital expenditure totalled €22m (2018: €19m). Cash outflows relating to Network Development additions and Strategic Acquisitions totalled €163m (2018: €53m).

 Financing and covenants 

We are funded primarily by a combination of fixed term loans, redeemable preference shares and a revolving credit facility. The applicable senior secured net leverage at year end was 3.3x (2018: 3.4x). With our cash and undrawn facilities of €213m, we have a robust balance sheet and sufficient headroom to deliver our growth strategy.