£ (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 | 2.7% | 3.2% | 4.6% | 7.7% | 1.7% |
Continuing Operations | |||||
PE Ratio - Adjusted | 17.6 | 15.4 | 11.5 | 11.0 | 12.3 |
PE Ratio - Diluted | 18.4 18.4 |
17.0 16.8 |
10.1 12.3 |
12.1 11.4 |
12.3 12.7 |
PEG - Adjusted | 1.3 | 1.0 | 1.4 | n/a | 1.8 |
PEG - Diluted | 0.9 1.0 |
n/a 1.2 |
0.3 3.1 |
n/a n/a |
0.3 1.1 |
Return on Capital Employed | 46.81% 43.04% |
40.02% 34.50% |
0.89% 0.91% |
797.52% 691.46% |
688.04% 670.29% |
Operating Margin | 10.08% 10.25% |
9.36% 9.67% |
12.24% 12.51% |
8.28% 8.68% |
10.37% 10.11% |
Continuing & Discontinued Operations | |||||
PE Ratio - Adjusted | 17.6 | 15.4 | 1,139.5 | 11.0 | 12.3 |
PE Ratio - Diluted | 18.4 18.4 |
17.0 16.8 |
995.8 1,215.4 |
12.1 11.4 |
12.3 12.7 |
PEG - Adjusted | 1.3 | 0.0 | n/a | n/a | 1.8 |
PEG - Diluted | 0.9 1.0 |
0.0 0.0 |
n/a n/a |
n/a n/a |
0.3 1.1 |
£ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | |
Gearing | 31-Dec-23 | 31-Dec-22 | 31-Dec-21 | 31-Dec-20 | 31-Dec-19 |
Net Gearing | 23.34% | 33.45% | 46.25% | 84.26% | 40.02% |
£ (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 | (24.5) | (21.4) | (4.3) | (2.3) | (3.7) |
Price/Tangible Book Value | (21.9) | (18.6) | (4.1) | (2.2) | (3.6) |
Price/ Cash Flow | 9.0 | 9.4 | 7.2 | 13.4 | 11.3 |
Price/Revenue | 1.46 | 1.25 | 88.92 | 0.81 | 0.98 |
Price/R&D | n/a | n/a | n/a | n/a | n/a |
Net Asset Value per Share (exc. Intangibles) | (45.40p) | (39.97p) | (127.02p) | (213.85p) | (152.69p) |
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 | 23,078.00 | 21,258.00 | 197.05 | 19,277.00 | 18,305.00 |
EBITDA | 2,326.00 2,366.00 |
1,989.00 2,055.00 |
31.19 31.74 |
1,596.33 1,673.33 |
1,899.00 1,850.00 |
Depreciation | n/a n/a |
n/a n/a |
(7.08) (7.08) |
n/a n/a |
n/a n/a |
Net Interest | n/a n/a |
n/a n/a |
(2.82) (2.82) |
(0.33) (0.33) |
(273.00) (273.00) |
Profit Before Tax | 2,326.00 2,366.00 |
1,989.00 2,055.00 |
21.30 21.84 |
1,596.00 1,673.00 |
1,626.00 1,577.00 |
Revenue per Share | 761.40p | 683.10p | 6.18p | 604.11p | 575.09p |
Pre-Tax Profit per Share | 76.74p 78.06p |
63.91p 66.03p |
0.67p 0.69p |
50.02p 52.43p |
51.08p 49.54p |
Market Capitalisation £ (Millions) | 35,931.20 | 28,222.32 | 18,715.19 | 16,639.57 | 19,581.62 |
Enterprise Value (EV) £ (Millions) | 42,097.20 | 34,695.32 | 24,806.19 | 23,030.57 | 23,968.62 |
EBITDA/EV | 5.53% 5.62% |
5.73% 5.92% |
0.13% 0.13% |
6.93% 7.27% |
7.92% 7.72% |
Operating Margin | 10.08% 10.25% |
9.36% 9.67% |
12.24% 12.51% |
8.28% 8.68% |
10.37% 10.11% |
Capital Employed £ (Millions) | 5,497.00 | 5,957.00 | 2,716.00 | 242.00 | 276.00 |
Return on Capital Employed | 46.81% 43.04% |
40.02% 34.50% |
0.89% 0.91% |
797.52% 691.46% |
688.04% 670.29% |
Invested Equity Capital £ (Millions) | 10,901.00 | 11,558.00 | 7,844.00 | 5,029.00 | 5,792.00 |
Earnings per Share - Basic | 61.30p 61.04p |
51.10p 51.64p |
55.20p 45.15p |
40.70p 43.12p |
46.40p 44.83p |
Earnings per Share - Diluted | 60.40p 60.22p |
50.50p 50.97p |
54.70p 44.81p |
40.50p 42.87p |
46.10p 44.58p |
Earnings per Share - Adjusted | 63.20p | 55.50p | 47.80p | 44.30p | 45.80p |
Earnings per Share Growth - Basic | 20% 18% |
-7% 14% |
36% 5% |
-12% -4% |
48% 12% |
Earnings per Share Growth - Diluted | 20% 18% |
-8% 14% |
35% 4% |
-12% -4% |
48% 12% |
Earnings per Share Growth - Adjusted | 14% | 16% | 8% | -3% | 7% |
PE Ratio - Diluted | 18.4 18.4 |
17.0 16.8 |
10.1 12.3 |
12.1 11.4 |
12.3 12.7 |
PEG - Diluted | 0.9 1.0 |
n/a 1.2 |
0.3 3.1 |
n/a n/a |
0.3 1.1 |
Tax Rate | 16.60% | 15.84% | 9.38% | 14.10% | 5.78% |
Dividend Cover | 2.11 2.03 |
2.06 1.91 |
1.90 1.80 |
1.18 1.15 |
4.87 4.77 |
Interest Cover | n/a n/a |
n/a n/a |
7.78 7.96 |
4,548.01 4,767.38 |
6.42 6.26 |
Continuing & Discontinued Operations | |||||
Earnings per Share - Basic | 61.30p 61.04p |
51.10p 51.64p |
0.56p 0.46p |
40.70p 43.12p |
46.40p 44.83p |
Earnings per Share - Diluted | 60.40p 60.22p |
50.50p 50.97p |
0.55p 0.45p |
40.50p 42.87p |
46.10p 44.58p |
Earnings per Share - Adjusted | 63.20p | 55.50p | 0.48p | 44.30p | 45.80p |
Earnings per Share Growth - Basic | 20% 18% |
9,071% 11,230% |
-99% -99% |
-12% -4% |
48% 12% |
Earnings per Share Growth - Diluted | 20% 18% |
9,046% 11,167% |
-99% -99% |
-12% -4% |
48% 12% |
Earnings per Share Growth - Adjusted | 14% | 11,403% | -99% | -3% | 7% |
PE Ratio - Diluted | 18.4 18.4 |
17.0 16.8 |
995.8 1,215.4 |
12.1 11.4 |
12.3 12.7 |
PEG - Diluted | 0.9 1.0 |
0.0 0.0 |
n/a n/a |
n/a n/a |
0.3 1.1 |
Dividend Cover | 2.11 2.03 |
2.06 1.91 |
0.02 0.02 |
1.18 1.15 |
4.87 4.77 |
Return on Equity (ROE) | 17.04% 16.97% |
13.77% 13.90% |
0.23% 0.19% |
25.83% 27.36% |
25.48% 24.64% |
Operating Cash Flow per Share | 124.05p | 91.23p | 76.78p | 36.54p | 50.17p |
Gross Cash Flow per Share | cn/a | cn/a | cn/a | cn/a | cn/a |
Cash Incr/Decr per Share | 34.02p | 2.70p | 0.081p | 3.20p | (18.76p) |
Capital Expenditure per Share | n/a | n/a | n/a | n/a | n/a |
Dividend per Share | 30.00p | 27.00p | 25.10p | 37.50p | 9.40p |
Dividend per Share Growth | 11.11% | 7.57% | (33.07%) | 298.94% | (57.66%) |
Dividend Yield | 2.7% | 3.2% | 4.6% | 7.7% | 1.7% |
Shareholders Funds | 10,559.00 | 11,215.00 | 7,436.00 | 4,643.00 | 5,407.00 |
Net Borrowings £ (Millions) | 2,464.00 | 3,751.00 | 3,439.00 | 3,912.00 | 2,164.00 |
Net Asset Value per Share (inc. Intangibles) | (50.81p) | (45.92p) | (134.30p) | (222.56p) | (155.95p) |
£ (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 | 10,559.00 | 11,215.00 | 7,436.00 | 4,643.00 | 5,407.00 |
Net Borrowings £ (Millions) | 2,464.00 | 3,751.00 | 3,439.00 | 3,912.00 | 2,164.00 |
Net Gearing | 23.34% | 33.45% | 46.25% | 84.26% | 40.02% |
Cash & Near Cash | 4,067.00 | 3,107.00 | 2,917.00 | 2,768.00 | 2,587.00 |
Cash | 38.52% | 27.70% | 39.23% | 59.62% | 47.85% |
Gross Borrowings | 6,531.00 | 6,858.00 | 6,356.00 | 6,680.00 | 4,751.00 |
Gross Gearing | 61.85% | 61.15% | 85.48% | 143.87% | 87.87% |
Borrowings Under 5 years | 6,531.00 | 6,858.00 | 6,356.00 | 6,680.00 | 4,751.00 |
Under 5 years | 61.85% | 61.15% | 85.48% | 143.87% | 87.87% |
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 | (1,540.00) | (1,429.00) | (4,280.00) | (7,102.00) | (4,964.00) |
Net Borrowings £ (Millions) | 2,464.00 | 3,751.00 | 3,439.00 | 3,912.00 | 2,164.00 |
Net Gearing | n/a | n/a | (80.35%) | (55.08%) | (43.59%) |
Cash & Near Cash | 4,067.00 | 3,107.00 | 2,917.00 | 2,768.00 | 2,587.00 |
Cash | (264.09%) | (217.42%) | (68.15%) | (38.97%) | (52.12%) |
Gross Borrowings | 6,531.00 | 6,858.00 | 6,356.00 | 6,680.00 | 4,751.00 |
Gross Gearing | 424.09% | 479.92% | 148.50% | 94.06% | 95.71% |
Borrowings Under 5 years | 6,531.00 | 6,858.00 | 6,356.00 | 6,680.00 | 4,751.00 |
Under 5 years | (424.09%) | (479.92%) | (148.50%) | (94.06%) | (95.71%) |
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 | 0.97 | 0.98 | 0.92 | 0.91 | 0.92 |
Current Ratio | 1.08 | 1.08 | 1.01 | 1.00 | 1.01 |
* 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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