Employees, new stores and space growth:
At 31 Jan 2019
At 31 Jan 2019
|Net new stores
|Space % change
|B&Q UK & Ireland||16,221||296||2,210||2||-|
|Screwfix UK & Ireland||8,330||627||40||55||+10%|
|UK & Ireland||24,551||923||2,250||57||-|
* Guidance given before the impact of the new lease accounting rules per IFRS 16
** Screwfix sales area relates to the front of counter area of an outlet
Gross margin after clearance expected to be flat1
Central costs expected to be c.£50m
Total transformation costs over 5 years to FY 20/21 expected to be less than £800m
Adjusted effective tax rate expected to be around 26-27%, subject to the blend of profit within the companies' various jurisdictions, as well as the timing of exits from Russia and Iberia
Total capex including transformation of up to c.£375m
Stores considered for closure: cash costs expected to be covered by disposal proceeds
1 Gross margin movement excluding Russia and Iberia
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This announcement has been prepared in relation to the financial results for the full year ended 31 January 2019. The financial information referenced in this announcement is not audited and does not contain sufficient detail to allow a full understanding of the results of the Group. Nothing in this announcement should be construed as either an offer or invitation to sell or any offering of securities or any invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in any company within the Group or an invitation or inducement to engage in investment activity under section 21 of the Financial Services and Markets Act 2000 (as amended).
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