Ann: Half Yearly Report and Accounts, page-7

The P/E is most likely based on the opportunity in the US.

They have hardly started the US journey. They learnt from Bunnings' misadventures in the UK and specifically wanted to run and learn the Morsco asset they paid significantly for, before going and making adjustments.

They're ~5 years in and only now just starting to roll-out the Reece brand over there, while maintaining / increasing profitability. When they eventually bring the whole 'Reece experience' to the US and get the service right (and particularly if they can replicate their value added product range over there) then there is absolutely massive potential.