£ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | |
Growth Metrics | 31-Dec-23 | 31-Dec-22 | 31-Dec-21 | 31-Dec-20 | 31-Dec-19 |
Annualisation Factor | 1.0 | 1.0 | n/a | 1.0 | 1.0 |
Dividend Yield | 2.0% | 2.0% | 1.4% | 0.0% | 3.1% |
Continuing Operations | |||||
PE Ratio - Adjusted | 16.3 | 17.0 | 24.0 | 26.7 | 19.3 |
PE Ratio - Diluted | 21.4 23.4 |
20.5 17.1 |
28.9 29.1 |
37.6 26.7 |
27.3 19.5 |
PEG - Adjusted | 0.9 | 0.4 | n/a | n/a | n/a |
PEG - Diluted | 2.7 n/a |
0.5 0.3 |
2.4 n/a |
n/a n/a |
0.2 1.2 |
Return on Capital Employed | 19.30% 19.30% |
15.93% 20.45% |
0.16% 0.16% |
8.38% 19.24% |
16.13% 21.58% |
Operating Margin | 13.88% 13.88% |
12.34% 15.87% |
13.18% 13.14% |
11.84% 14.72% |
11.50% 15.38% |
Continuing & Discontinued Operations | |||||
PE Ratio - Adjusted | 16.3 | 17.0 | 2,378.1 | 26.7 | 19.3 |
PE Ratio - Diluted | 21.5 23.6 |
20.4 17.0 |
1,712.7 1,717.9 |
n/a 39.4 |
n/a n/a |
PEG - Adjusted | 0.9 | 0.0 | n/a | n/a | n/a |
PEG - Diluted | 3.1 n/a |
0.0 0.0 |
n/a n/a |
n/a n/a |
n/a n/a |
£ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | |
Gearing | 31-Dec-23 | 31-Dec-22 | 31-Dec-21 | 31-Dec-20 | 31-Dec-19 |
Net Gearing | 40.84% | 46.17% | 53.52% | 77.11% | 76.49% |
£ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | |
Value Metrics | 31-Dec-23 | 31-Dec-22 | 31-Dec-21 | 31-Dec-20 | 31-Dec-19 |
Price/Book Value | 12.7 | 13.2 | 30.4 | 93.9 | (65.7) |
Price/Tangible Book Value | 13.0 | 13.6 | 32.8 | 118.1 | (64.2) |
Price/ Cash Flow | 12.4 | 13.5 | 28.4 | 18.9 | 14.9 |
Price/Revenue | 1.85 | 1.75 | 227.38 | 2.63 | 1.91 |
Price/R&D | n/a | n/a | n/a | n/a | n/a |
Net Asset Value per Share (exc. Intangibles) | 148.49p | 126.79p | 56.34p | 21.20p | (22.97p) |
Net Cash per Share | n/a | n/a | n/a | n/a | n/a |
£ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | |
Annualised Fundamentals | 31-Dec-23 | 31-Dec-22 | 31-Dec-21 | 31-Dec-20 | 31-Dec-19 |
Continuing Operations | |||||
Revenue | 2,636.00 | 2,472.10 | 19.52 | 1,964.70 | 2,049.80 |
EBITDA | 475.10 475.10 |
425.00 512.30 |
3.29 3.28 |
327.40 383.90 |
235.70 315.30 |
Depreciation | (109.20) (109.20) |
(120.00) (120.00) |
(0.71) (0.71) |
(94.70) (94.70) |
n/a n/a |
Net Interest | (47.70) (47.70) |
(47.30) (47.30) |
(0.48) (0.48) |
(50.00) (50.00) |
(46.30) (46.30) |
Profit Before Tax | 320.70 320.70 |
260.20 347.50 |
2.11 2.11 |
184.30 240.80 |
189.40 269.00 |
Revenue per Share | 1,020.12p | 955.59p | 7.53p | 757.11p | 789.90p |
Pre-Tax Profit per Share | 124.11p 124.11p |
100.58p 134.32p |
0.82p 0.81p |
71.02p 92.79p |
72.99p 103.66p |
Market Capitalisation £ (Millions) | 4,865.28 | 4,317.70 | 4,443.05 | 5,164.74 | 3,918.66 |
Enterprise Value (EV) £ (Millions) | 6,225.28 | 5,797.20 | 5,772.15 | 6,050.84 | 5,294.86 |
EBITDA/EV | 7.63% 7.63% |
7.33% 8.84% |
0.06% 0.06% |
5.41% 6.34% |
4.45% 5.95% |
Operating Margin | 13.88% 13.88% |
12.34% 15.87% |
13.18% 13.14% |
11.84% 14.72% |
11.50% 15.38% |
Capital Employed £ (Millions) | 1,908.60 | 1,930.70 | 1,592.80 | 1,511.60 | 1,461.00 |
Return on Capital Employed | 19.30% 19.30% |
15.93% 20.45% |
0.16% 0.16% |
8.38% 19.24% |
16.13% 21.58% |
Invested Equity Capital £ (Millions) | 1,817.40 | 1,840.80 | 1,553.20 | 1,403.90 | 1,602.30 |
Earnings per Share - Basic | 88.70p 80.92p |
82.00p 98.42p |
59.60p 59.27p |
53.30p 75.11p |
55.50p 78.11p |
Earnings per Share - Diluted | 88.20p 80.48p |
81.50p 97.81p |
59.20p 58.89p |
52.90p 74.47p |
55.20p 77.60p |
Earnings per Share - Adjusted | 115.90p | 98.40p | 71.30p | 74.40p | 78.10p |
Earnings per Share Growth - Basic | 8% -18% |
38% 66% |
12% -21% |
-4% -4% |
156% 16% |
Earnings per Share Growth - Diluted | 8% -18% |
38% 66% |
12% -21% |
-4% -4% |
156% 16% |
Earnings per Share Growth - Adjusted | 18% | 38% | -4% | -5% | -18% |
PE Ratio - Diluted | 21.4 23.4 |
20.5 17.1 |
28.9 29.1 |
37.6 26.7 |
27.3 19.5 |
PEG - Diluted | 2.7 n/a |
0.5 0.3 |
2.4 n/a |
n/a n/a |
0.2 1.2 |
Tax Rate | 28.54% | 18.47% | 26.18% | 25.01% | 23.65% |
Dividend Cover | 3.00 2.10 |
3.00 3.00 |
3.00 2.49 |
n/a n/a |
1.69 1.69 |
Interest Cover | 5.83 5.83 |
6.10 7.81 |
4.98 4.96 |
4.43 5.48 |
4.77 6.35 |
Continuing & Discontinued Operations | |||||
Earnings per Share - Basic | 88.20p 80.42p |
82.50p 98.88p |
1.01p 1.00p |
(57.60p) 50.94p |
(146.40p) (123.81p) |
Earnings per Share - Diluted | 87.70p 79.98p |
82.00p 98.27p |
1.00p 1.00p |
(57.60p) 50.52p |
(146.40p) (123.01p) |
Earnings per Share - Adjusted | 115.90p | 98.40p | 0.72p | 74.40p | 78.10p |
Earnings per Share Growth - Basic | 7% -19% |
8,098% 9,760% |
n/a -98% |
n/a n/a |
n/a n/a |
Earnings per Share Growth - Diluted | 7% -19% |
8,106% 9,764% |
n/a -98% |
n/a n/a |
n/a n/a |
Earnings per Share Growth - Adjusted | 18% | 13,572% | -99% | -5% | -18% |
PE Ratio - Diluted | 21.5 23.6 |
20.4 17.0 |
1,712.7 1,717.9 |
n/a 39.4 |
n/a n/a |
PEG - Diluted | 3.1 n/a |
0.0 0.0 |
n/a n/a |
n/a n/a |
n/a n/a |
Dividend Cover | 3.00 2.08 |
3.00 3.01 |
0.03 0.04 |
n/a n/a |
1.69 (2.68) |
Return on Equity (ROE) | 12.54% 11.43% |
11.59% 13.90% |
0.17% 0.17% |
(10.66%) 9.42% |
(23.71%) (20.05%) |
Operating Cash Flow per Share | 152.59p | 124.00p | 60.20p | 105.36p | 101.54p |
Gross Cash Flow per Share | cn/a | cn/a | cn/a | cn/a | cn/a |
Cash Incr/Decr per Share | 0.46p | (19.83p) | 0.52p | 45.16p | 5.93p |
Capital Expenditure per Share | n/a | n/a | n/a | n/a | n/a |
Dividend per Share | 38.60p | 32.80p | 23.80p | n/a | 46.20p |
Dividend per Share Growth | 17.68% | 37.82% | n/a | n/a | n/a |
Dividend Yield | 2.0% | 2.0% | 1.4% | 0.0% | 3.1% |
Shareholders Funds | 1,689.80 | 1,726.50 | 1,443.50 | 1,306.40 | 1,512.00 |
Net Borrowings £ (Millions) | 690.10 | 797.20 | 771.80 | 1,007.40 | 1,156.50 |
Net Asset Value per Share (inc. Intangibles) | 144.66p | 122.38p | 52.10p | 16.84p | (23.51p) |
£ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | |
Gearing - inc Intangibles | 31-Dec-23 | 31-Dec-22 | 31-Dec-21 | 31-Dec-20 | 31-Dec-19 |
Shareholders' Funds inc Intangibles | 1,689.80 | 1,726.50 | 1,443.50 | 1,306.40 | 1,512.00 |
Net Borrowings £ (Millions) | 690.10 | 797.20 | 771.80 | 1,007.40 | 1,156.50 |
Net Gearing | 40.84% | 46.17% | 53.52% | 77.11% | 76.49% |
Cash & Near Cash | 707.20 | 691.20 | 564.40 | 351.70 | 273.80 |
Cash | 41.85% | 40.03% | 39.10% | 26.92% | 18.11% |
Gross Borrowings | 1,397.30 | 1,488.40 | 1,336.20 | 1,359.10 | 1,430.30 |
Gross Gearing | 82.69% | 86.21% | 92.62% | 104.03% | 94.60% |
Borrowings Under 5 years | 1,397.30 | 1,488.40 | 1,336.20 | 1,359.10 | 1,430.30 |
Under 5 years | 82.69% | 86.21% | 92.57% | 104.03% | 94.60% |
Borrowings Under 1 year | n/a | n/a | n/a | n/a | n/a |
Under 1 year | n/a | n/a | n/a | n/a | n/a |
£ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | |
Gearing - exc Intangibles | 31-Dec-23 | 31-Dec-22 | 31-Dec-21 | 31-Dec-20 | 31-Dec-19 |
Shareholders' Funds exc Intangibles | 373.80 | 316.60 | 135.10 | 43.70 | (61.00) |
Net Borrowings £ (Millions) | 690.10 | 797.20 | 771.80 | 1,007.40 | 1,156.50 |
Net Gearing | 184.62% | 251.80% | 571.80% | 2,305.26% | n/a |
Cash & Near Cash | 707.20 | 691.20 | 564.40 | 351.70 | 273.80 |
Cash | 189.19% | 218.32% | 417.76% | 804.80% | (448.85%) |
Gross Borrowings | 1,397.30 | 1,488.40 | 1,336.20 | 1,359.10 | 1,430.30 |
Gross Gearing | 373.81% | 470.12% | 989.56% | 3,110.06% | 2,344.75% |
Borrowings Under 5 years | 1,397.30 | 1,488.40 | 1,336.20 | 1,359.10 | 1,430.30 |
Under 5 years | 373.81% | 470.12% | 989.05% | 3,110.06% | (2,344.75%) |
Borrowings Under 1 year | n/a | n/a | n/a | n/a | n/a |
Under 1 year | n/a | n/a | n/a | n/a | n/a |
£ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | |
Cover | 31-Dec-23 | 31-Dec-22 | 31-Dec-21 | 31-Dec-20 | 31-Dec-19 |
Quick Ratio | 1.38 | 1.17 | 1.04 | 1.93 | 0.73 |
Current Ratio | 2.03 | 1.80 | 1.53 | 2.62 | 1.26 |
* GAAP
a. Includes discontinued activities
b. Based on operating cash flow before tax
c. Not disclosed under IFRS
d. Includes non-current assets
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