£ (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 | 4.3% | 6.1% | 5.4% | 4.5% | 3.5% |
Continuing Operations | |||||
PE Ratio - Adjusted | 17.5 | 13.4 | 18.2 | 19.9 | 18.2 |
PE Ratio - Diluted | 20.8 15.3 |
15.1 11.8 |
22.0 17.1 |
20.2 20.2 |
18.7 23.9 |
PEG - Adjusted | 1.6 | 0.6 | n/a | n/a | 3.6 |
PEG - Diluted | 3.5 1.2 |
0.5 0.4 |
n/a n/a |
n/a n/a |
1.9 n/a |
Return on Capital Employed | 604.35% 603.10% |
6,823.06% 6,915.37% |
36.44% 36.44% |
182.89% 182.89% |
366.46% 302.48% |
Operating Margin | 22.52% 22.47% |
22.88% 23.19% |
22.80% 22.80% |
26.04% 26.04% |
30.38% 25.08% |
Continuing & Discontinued Operations | |||||
PE Ratio - Adjusted | 17.5 | 13.4 | 1,798.2 | 19.9 | 18.2 |
PE Ratio - Diluted | 20.8 15.3 |
15.1 11.8 |
2,183.6 1,695.8 |
20.2 20.2 |
18.7 23.9 |
PEG - Adjusted | 1.6 | 0.0 | n/a | n/a | 0.1 |
PEG - Diluted | 3.5 1.2 |
0.0 0.0 |
n/a n/a |
n/a n/a |
0.1 0.1 |
£ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | |
Gearing | 31-Dec-23 | 31-Dec-22 | 31-Dec-21 | 31-Dec-20 | 31-Dec-19 |
Net Gearing | 8.12% | 13.13% | 22.13% | n/a | n/a |
£ (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 | (43.9) | (15.8) | (14.3) | 37.1 | 82.9 |
Price/Tangible Book Value | (37.8) | (14.5) | (13.6) | 37.1 | 82.9 |
Price/ Cash Flow | 14.7 | 9.9 | 17.6 | 16.7 | 15.6 |
Price/Revenue | 3.48 | 2.66 | 362.43 | 4.05 | 4.56 |
Price/R&D | n/a | n/a | n/a | n/a | n/a |
Net Asset Value per Share (exc. Intangibles) | (6.38p) | (12.15p) | (15.06p) | 7.03p | 3.99p |
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 | 432.10 | 387.60 | 3.20 | 344.90 | 388.40 |
EBITDA | 131.90 131.70 |
115.20 116.40 |
0.73 0.73 |
89.80 89.80 |
118.00 97.40 |
Depreciation | (34.60) (34.60) |
(26.50) (26.50) |
n/a n/a |
n/a n/a |
n/a n/a |
Net Interest | (5.20) (5.20) |
(3.50) (3.50) |
(0.02) (0.02) |
(2.00) (2.00) |
(2.00) (2.00) |
Profit Before Tax | 92.10 91.90 |
85.20 86.40 |
0.71 0.71 |
87.80 87.80 |
116.00 95.40 |
Revenue per Share | 80.56p | 72.25p | 0.60p | 64.30p | 72.42p |
Pre-Tax Profit per Share | 17.17p 17.13p |
15.88p 16.10p |
0.13p 0.13p |
16.37p 16.37p |
21.63p 17.79p |
Market Capitalisation £ (Millions) | 1,504.49 | 1,032.92 | 1,158.62 | 1,397.86 | 1,773.92 |
Enterprise Value (EV) £ (Millions) | 1,537.69 | 1,076.92 | 1,216.12 | 1,394.36 | 1,773.92 |
EBITDA/EV | 8.58% 8.56% |
10.70% 10.81% |
0.06% 0.06% |
6.44% 6.44% |
6.65% 5.49% |
Operating Margin | 22.52% 22.47% |
22.88% 23.19% |
22.80% 22.80% |
26.04% 26.04% |
30.38% 25.08% |
Capital Employed £ (Millions) | 16.10 | 1.30 | 2.00 | 49.10 | 32.20 |
Return on Capital Employed | 604.35% 603.10% |
6,823.06% 6,915.37% |
36.44% 36.44% |
182.89% 182.89% |
366.46% 302.48% |
Invested Equity Capital £ (Millions) | 236.30 | 231.20 | 228.60 | 219.90 | 210.10 |
Earnings per Share - Basic | 13.50p 18.44p |
12.70p 16.33p |
9.80p 12.62p |
12.90p 12.92p |
17.70p 13.85p |
Earnings per Share - Diluted | 13.50p 18.34p |
12.70p 16.25p |
9.80p 12.62p |
12.90p 12.92p |
17.70p 13.85p |
Earnings per Share - Adjusted | 16.00p | 14.40p | 11.90p | 13.10p | 18.20p |
Earnings per Share Growth - Basic | 6% 13% |
30% 29% |
-24% -2% |
-27% -7% |
9% -19% |
Earnings per Share Growth - Diluted | 6% 13% |
30% 29% |
-24% -2% |
-27% -7% |
10% -19% |
Earnings per Share Growth - Adjusted | 11% | 21% | -9% | -28% | 5% |
PE Ratio - Diluted | 20.8 15.3 |
15.1 11.8 |
22.0 17.1 |
20.2 20.2 |
18.7 23.9 |
PEG - Diluted | 3.5 1.2 |
0.5 0.4 |
n/a n/a |
n/a n/a |
1.9 n/a |
Tax Rate | 21.50% | 18.66% | 25.78% | 21.07% | 18.19% |
Dividend Cover | 1.32 1.52 |
1.23 1.40 |
1.02 1.08 |
1.12 1.10 |
1.55 1.18 |
Interest Cover | 18.38 18.34 |
23.42 23.74 |
36.10 36.10 |
44.90 44.90 |
53.73 44.36 |
Continuing & Discontinued Operations | |||||
Earnings per Share - Basic | 13.50p 18.44p |
12.70p 16.33p |
0.099p 0.13p |
12.90p 12.92p |
17.70p 13.85p |
Earnings per Share - Diluted | 13.50p 18.34p |
12.70p 16.25p |
0.099p 0.13p |
12.90p 12.92p |
17.70p 13.85p |
Earnings per Share - Adjusted | 16.00p | 14.40p | 0.12p | 13.10p | 18.20p |
Earnings per Share Growth - Basic | 6% 13% |
12,738% 12,716% |
-99% -99% |
-27% -7% |
337% 223% |
Earnings per Share Growth - Diluted | 6% 13% |
12,738% 12,662% |
-99% -99% |
-27% -7% |
340% 224% |
Earnings per Share Growth - Adjusted | 11% | 11,888% | -99% | -28% | 319% |
PE Ratio - Diluted | 20.8 15.3 |
15.1 11.8 |
2,183.6 1,695.8 |
20.2 20.2 |
18.7 23.9 |
PEG - Diluted | 3.5 1.2 |
0.0 0.0 |
n/a n/a |
n/a n/a |
0.1 0.1 |
Dividend Cover | 1.32 1.52 |
1.23 1.40 |
0.01 0.01 |
1.12 1.10 |
1.55 1.18 |
Return on Equity (ROE) | 30.77% 41.85% |
29.54% 37.89% |
0.23% 0.30% |
31.51% 31.51% |
45.17% 35.36% |
Operating Cash Flow per Share | 19.05p | 19.46p | 12.25p | 15.64p | 21.20p |
Gross Cash Flow per Share | cn/a | cn/a | cn/a | cn/a | cn/a |
Cash Incr/Decr per Share | n/a | 0.76p | (0.021p) | (0.11p) | (3.84p) |
Capital Expenditure per Share | n/a | n/a | n/a | n/a | n/a |
Dividend per Share | 12.10p | 11.70p | 11.71p | 11.71p | 11.71p |
Dividend per Share Growth | 3.42% | (0.09%) | n/a | n/a | 5.97% |
Dividend Yield | 4.3% | 6.1% | 5.4% | 4.5% | 3.5% |
Shareholders Funds | 220.50 | 208.70 | 203.30 | 208.50 | 199.30 |
Net Borrowings £ (Millions) | 17.90 | 27.40 | 45.00 | (23.60) | (24.20) |
Net Asset Value per Share (inc. Intangibles) | (7.42p) | (13.27p) | (15.87p) | 7.03p | 3.99p |
£ (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 | 220.50 | 208.70 | 203.30 | 208.50 | 199.30 |
Net Borrowings £ (Millions) | 17.90 | 27.40 | 45.00 | (23.60) | (24.20) |
Net Gearing | 8.12% | 13.13% | 22.13% | n/a | n/a |
Cash & Near Cash | 16.60 | 16.60 | 12.50 | 23.60 | 24.20 |
Cash | 7.53% | 7.95% | 6.15% | 11.32% | 12.14% |
Gross Borrowings | 34.50 | 44.00 | 57.50 | n/a | n/a |
Gross Gearing | 15.65% | 21.08% | 28.28% | n/a | n/a |
Borrowings Under 5 years | 34.50 | 44.00 | 57.50 | n/a | n/a |
Under 5 years | 15.65% | 21.08% | 28.28% | n/a | n/a |
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 | (39.80) | (71.20) | (85.10) | 37.70 | 21.40 |
Net Borrowings £ (Millions) | 17.90 | 27.40 | 45.00 | (23.60) | (24.20) |
Net Gearing | (44.97%) | (38.48%) | (52.88%) | n/a | n/a |
Cash & Near Cash | 16.60 | 16.60 | 12.50 | 23.60 | 24.20 |
Cash | (41.71%) | (23.31%) | (14.69%) | 62.60% | 113.08% |
Gross Borrowings | 34.50 | 44.00 | 57.50 | n/a | n/a |
Gross Gearing | 86.68% | 61.80% | 67.57% | n/a | n/a |
Borrowings Under 5 years | 34.50 | 44.00 | 57.50 | n/a | n/a |
Under 5 years | (86.68%) | (61.80%) | (67.57%) | n/a | n/a |
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 | n/a | n/a | n/a | n/a | n/a |
Current Ratio | 0.78 | 0.77 | 0.81 | 1.48 | 1.32 |
* 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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