£ (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 | 2.1% | 2.5% | 2.0% | 3.9% | 0.8% |
Continuing Operations | |||||
PE Ratio - Adjusted | 18.9 | 18.8 | 28.8 | 25.2 | 17.3 |
PE Ratio - Diluted | 27.1 25.7 |
28.4 19.0 |
12.5 31.8 |
n/a n/a |
14.5 29.5 |
PEG - Adjusted | 0.8 | 0.7 | 2.1 | n/a | 8.7 |
PEG - Diluted | 0.8 n/a |
n/a 0.5 |
n/a n/a |
n/a n/a |
0.5 n/a |
Return on Capital Employed | 27.50% 31.25% |
23.06% 32.38% |
0.67% 0.30% |
0.61% 2.33% |
34.82% 18.99% |
Operating Margin | 12.34% 14.09% |
12.72% 17.85% |
31.50% 14.10% |
0.32% 5.59% |
16.10% 8.78% |
Continuing & Discontinued Operations | |||||
PE Ratio - Adjusted | 18.9 | 18.8 | 2,853.9 | 25.2 | 17.3 |
PE Ratio - Diluted | 27.1 29.3 |
8.1 7.1 |
1,196.0 3,152.3 |
n/a n/a |
14.5 29.5 |
PEG - Adjusted | 0.8 | 0.0 | n/a | n/a | 0.1 |
PEG - Diluted | n/a n/a |
0.0 0.0 |
n/a n/a |
n/a n/a |
0.0 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 | (5.76%) | (11.34%) | (8.08%) | (5.39%) | 2.04% |
£ (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 | 6.7 | 5.0 | 9.1 | 6.1 | 6.8 |
Price/Tangible Book Value | 6.7 | 5.0 | 9.1 | 6.1 | 6.8 |
Price/ Cash Flow | 20.1 | 27.0 | 26.2 | 14.5 | 14.0 |
Price/Revenue | 2.70 | 2.44 | 355.45 | 2.46 | 2.07 |
Price/R&D | n/a | n/a | n/a | n/a | n/a |
Net Asset Value per Share (exc. Intangibles) | 563.03p | 601.02p | 405.19p | 460.72p | 428.50p |
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 | 1,449.20 | 1,327.40 | 11.74 | 1,336.20 | 1,632.00 |
EBITDA | 236.50 261.90 |
227.90 296.10 |
4.22 2.17 |
21.90 92.30 |
262.80 143.30 |
Depreciation | (57.70) (57.70) |
(59.10) (59.10) |
(0.52) (0.52) |
(17.60) (17.60) |
n/a n/a |
Net Interest | 6.90 6.90 |
(17.30) (17.30) |
0.07 0.07 |
(8.40) (8.40) |
(3.50) (3.50) |
Profit Before Tax | 185.60 210.00 |
151.50 219.70 |
3.77 1.73 |
(4.10) 7.90 |
259.30 139.80 |
Revenue per Share | 1,398.84p | 1,233.64p | 10.32p | 1,150.90p | 1,409.33p |
Pre-Tax Profit per Share | 179.15p 202.70p |
140.80p 204.18p |
3.32p 1.52p |
(3.53p) 6.80p |
223.92p 120.72p |
Market Capitalisation £ (Millions) | 4,001.36 | 3,288.27 | 4,067.57 | 3,290.31 | 3,531.77 |
Enterprise Value (EV) £ (Millions) | 3,953.56 | 3,341.87 | 4,117.07 | 3,262.11 | 3,747.37 |
EBITDA/EV | 5.98% 6.62% |
6.82% 8.86% |
0.10% 0.05% |
0.67% 2.83% |
7.01% 3.82% |
Operating Margin | 12.34% 14.09% |
12.72% 17.85% |
31.50% 14.10% |
0.32% 5.59% |
16.10% 8.78% |
Capital Employed £ (Millions) | 649.90 | 731.90 | 554.30 | 700.30 | 754.70 |
Return on Capital Employed | 27.50% 31.25% |
23.06% 32.38% |
0.67% 0.30% |
0.61% 2.33% |
34.82% 18.99% |
Invested Equity Capital £ (Millions) | 1,319.80 | 1,456.90 | 1,289.00 | 1,228.60 | 1,339.90 |
Earnings per Share - Basic | 140.30p 147.97p |
106.70p 159.85p |
295.20p 115.74p |
(14.60p) (24.46p) |
202.20p 98.96p |
Earnings per Share - Diluted | 139.40p 146.98p |
106.00p 158.82p |
294.10p 115.34p |
(14.60p) (24.46p) |
201.60p 98.71p |
Earnings per Share - Adjusted | 199.70p | 159.90p | 127.40p | 112.10p | 168.00p |
Earnings per Share Growth - Basic | 32% -7% |
-64% 38% |
n/a n/a |
n/a n/a |
28% -23% |
Earnings per Share Growth - Diluted | 32% -8% |
-64% 38% |
n/a n/a |
n/a n/a |
28% -23% |
Earnings per Share Growth - Adjusted | 25% | 26% | 14% | -33% | 2% |
PE Ratio - Diluted | 27.1 25.7 |
28.4 19.0 |
12.5 31.8 |
n/a n/a |
14.5 29.5 |
PEG - Diluted | 0.8 n/a |
n/a 0.5 |
n/a n/a |
n/a n/a |
0.5 n/a |
Tax Rate | 21.65% | 24.22% | 10.22% | (314.63%) | 9.72% |
Dividend Cover | 2.52 1.87 |
2.12 2.12 |
1.77 1.61 |
1.00 (0.22) |
7.67 4.52 |
Interest Cover | 46.27 52.22 |
8.89 12.44 |
70.22 32.74 |
0.60 1.77 |
23.75 13.26 |
Continuing & Discontinued Operations | |||||
Earnings per Share - Basic | 140.30p 129.73p |
373.10p 426.30p |
3.08p 1.17p |
(14.60p) (41.17p) |
202.20p 98.96p |
Earnings per Share - Diluted | 139.40p 128.86p |
370.70p 423.55p |
3.07p 1.16p |
(14.60p) (41.17p) |
201.60p 98.71p |
Earnings per Share - Adjusted | 199.70p | 159.90p | 1.29p | 112.10p | 168.00p |
Earnings per Share Growth - Basic | -62% -70% |
12,015% 36,389% |
n/a n/a |
n/a n/a |
414% 209% |
Earnings per Share Growth - Diluted | -62% -70% |
11,980% 36,280% |
n/a n/a |
n/a n/a |
414% 210% |
Earnings per Share Growth - Adjusted | 25% | 12,334% | -99% | -33% | 308% |
PE Ratio - Diluted | 27.1 29.3 |
8.1 7.1 |
1,196.0 3,152.3 |
n/a n/a |
14.5 29.5 |
PEG - Diluted | n/a n/a |
0.0 0.0 |
n/a n/a |
n/a n/a |
0.0 0.1 |
Dividend Cover | 2.52 1.64 |
2.12 5.65 |
0.02 0.02 |
1.00 (0.37) |
7.67 4.52 |
Return on Equity (ROE) | 11.02% 10.18% |
27.56% 31.48% |
0.27% 0.10% |
(1.38%) (3.89%) |
17.47% 8.55% |
Operating Cash Flow per Share | 188.42p | 111.52p | 140.19p | 194.66p | 207.94p |
Gross Cash Flow per Share | cn/a | cn/a | cn/a | cn/a | cn/a |
Cash Incr/Decr per Share | (82.72p) | 46.84p | (0.33p) | (2.50p) | 129.71p |
Capital Expenditure per Share | n/a | n/a | n/a | n/a | n/a |
Dividend per Share | 79.20p | 75.40p | 71.80p | 111.60p | 21.90p |
Dividend per Share Growth | 5.04% | 5.01% | (35.66%) | 409.59% | (64.10%) |
Dividend Yield | 2.1% | 2.5% | 2.0% | 3.9% | 0.8% |
Shareholders Funds | 1,315.90 | 1,436.90 | 1,261.30 | 1,219.70 | 1,321.50 |
Net Borrowings £ (Millions) | (75.80) | (162.90) | (101.90) | (65.70) | 27.00 |
Net Asset Value per Share (inc. Intangibles) | 563.03p | 601.02p | 405.19p | 460.72p | 428.50p |
£ (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 | 1,315.90 | 1,436.90 | 1,261.30 | 1,219.70 | 1,321.50 |
Net Borrowings £ (Millions) | (75.80) | (162.90) | (101.90) | (65.70) | 27.00 |
Net Gearing | (5.76%) | (11.34%) | (8.08%) | (5.39%) | 2.04% |
Cash & Near Cash | 138.50 | 228.10 | 167.80 | 222.20 | 213.10 |
Cash | 10.53% | 15.87% | 13.30% | 18.22% | 16.13% |
Gross Borrowings | 62.70 | 65.20 | 65.90 | 156.50 | 240.10 |
Gross Gearing | 4.76% | 4.54% | 5.22% | 12.83% | 18.17% |
Borrowings Under 5 years | 62.70 | 65.20 | 65.90 | 156.50 | 240.10 |
Under 5 years | 4.76% | 4.54% | 5.22% | 12.83% | 18.17% |
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 | 583.30 | 646.70 | 460.70 | 534.90 | 496.20 |
Net Borrowings £ (Millions) | (75.80) | (162.90) | (101.90) | (65.70) | 27.00 |
Net Gearing | (13.00%) | (25.19%) | (22.12%) | (12.28%) | 5.44% |
Cash & Near Cash | 138.50 | 228.10 | 167.80 | 222.20 | 213.10 |
Cash | 23.74% | 35.27% | 36.42% | 41.54% | 42.95% |
Gross Borrowings | 62.70 | 65.20 | 65.90 | 156.50 | 240.10 |
Gross Gearing | 10.75% | 10.08% | 14.30% | 29.26% | 48.39% |
Borrowings Under 5 years | 62.70 | 65.20 | 65.90 | 156.50 | 240.10 |
Under 5 years | 10.75% | 10.08% | 14.30% | 29.26% | 48.39% |
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 | 1.34 | 1.44 | 1.27 | 1.79 | 1.30 |
Current Ratio | 1.89 | 2.07 | 1.75 | 2.22 | 1.75 |
* 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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