£ (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% | 2.3% | 2.0% | 3.7% | 0.8% |
Continuing Operations | |||||
PE Ratio - Adjusted | 16.7 | 15.0 | 17.8 | 14.8 | 15.6 |
PE Ratio - Diluted | 20.4 16.8 |
19.6 15.1 |
21.9 22.2 |
19.0 17.2 |
19.8 15.7 |
PEG - Adjusted | 4.2 | 1.2 | n/a | 0.6 | 7.8 |
PEG - Diluted | 1.9 4.2 |
2.8 0.4 |
7.3 n/a |
0.8 2.2 |
3.3 0.6 |
Return on Capital Employed | 25.66% 30.70% |
23.41% 29.52% |
0.28% 0.29% |
26.37% 28.91% |
26.93% 31.58% |
Operating Margin | 6.69% 8.00% |
5.83% 7.36% |
6.06% 6.28% |
6.12% 6.71% |
5.67% 6.65% |
Continuing & Discontinued Operations | |||||
PE Ratio - Adjusted | 16.7 | 15.0 | 1,758.8 | 14.8 | 15.6 |
PE Ratio - Diluted | 20.4 16.8 |
19.6 15.1 |
2,168.5 2,202.6 |
19.0 17.2 |
19.8 15.7 |
PEG - Adjusted | 4.2 | 0.0 | n/a | 0.6 | 7.8 |
PEG - Diluted | 1.9 4.2 |
0.0 0.0 |
n/a n/a |
0.8 2.2 |
3.3 0.6 |
£ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | |
Gearing | 31-Dec-23 | 31-Dec-22 | 31-Dec-21 | 31-Dec-20 | 31-Dec-19 |
Net Gearing | 55.95% | 59.79% | 82.08% | 91.86% | 99.59% |
£ (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 | (38.7) | (24.8) | (17.1) | (15.6) | (12.6) |
Price/Tangible Book Value | (38.7) | (24.8) | (17.1) | (15.6) | (12.6) |
Price/ Cash Flow | 11.8 | 9.7 | 13.1 | 10.3 | 10.3 |
Price/Revenue | 0.91 | 0.77 | 92.76 | 0.81 | 0.74 |
Price/R&D | n/a | n/a | n/a | n/a | n/a |
Net Asset Value per Share (exc. Intangibles) | (82.33p) | (111.44p) | (168.63p) | (156.62p) | (164.00p) |
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 | 11,797.10 | 12,039.50 | 103.82 | 10,111.10 | 9,326.70 |
EBITDA | 996.30 1,151.40 |
892.00 1,075.40 |
8.02 8.25 |
890.60 950.10 |
528.40 619.80 |
Depreciation | (207.20) (207.20) |
(189.50) (189.50) |
(1.73) (1.73) |
(272.10) (272.10) |
n/a n/a |
Net Interest | (90.50) (90.50) |
(67.90) (67.90) |
(0.55) (0.55) |
(62.80) (62.80) |
(75.10) (75.10) |
Profit Before Tax | 698.60 853.70 |
634.60 818.00 |
5.74 5.97 |
555.70 615.20 |
453.30 544.70 |
Revenue per Share | 3,521.52p | 3,597.10p | 31.10p | 3,029.09p | 2,798.29p |
Pre-Tax Profit per Share | 208.54p 254.84p |
189.60p 244.40p |
1.72p 1.79p |
166.48p 184.30p |
136.00p 163.43p |
Market Capitalisation £ (Millions) | 10,782.87 | 9,316.26 | 9,733.96 | 8,232.88 | 6,954.77 |
Enterprise Value (EV) £ (Millions) | 13,848.27 | 12,415.46 | 12,304.96 | 10,920.88 | 9,292.27 |
EBITDA/EV | 7.19% 8.31% |
7.18% 8.66% |
0.07% 0.07% |
8.16% 8.70% |
5.69% 6.67% |
Operating Margin | 6.69% 8.00% |
5.83% 7.36% |
6.06% 6.28% |
6.12% 6.71% |
5.67% 6.65% |
Capital Employed £ (Millions) | 3,075.80 | 3,001.00 | 2,230.30 | 2,345.20 | 1,962.40 |
Return on Capital Employed | 25.66% 30.70% |
23.41% 29.52% |
0.28% 0.29% |
26.37% 28.91% |
26.93% 31.58% |
Invested Equity Capital £ (Millions) | 3,232.20 | 2,964.10 | 2,411.20 | 2,079.90 | 1,905.70 |
Earnings per Share - Basic | 157.10p 191.13p |
141.70p 184.28p |
132.70p 130.62p |
128.80p 142.25p |
104.80p 132.19p |
Earnings per Share - Diluted | 156.00p 189.89p |
140.70p 182.92p |
131.80p 129.76p |
128.30p 141.70p |
104.50p 131.80p |
Earnings per Share - Adjusted | 191.10p | 184.30p | 162.50p | 164.90p | 132.20p |
Earnings per Share Growth - Basic | 11% 4% |
7% 41% |
3% -8% |
23% 8% |
6% 25% |
Earnings per Share Growth - Diluted | 11% 4% |
7% 41% |
3% -8% |
23% 8% |
6% 26% |
Earnings per Share Growth - Adjusted | 4% | 13% | -2% | 25% | 2% |
PE Ratio - Diluted | 20.4 16.8 |
19.6 15.1 |
21.9 22.2 |
19.0 17.2 |
19.8 15.7 |
PEG - Diluted | 1.9 4.2 |
2.8 0.4 |
7.3 n/a |
0.8 2.2 |
3.3 0.6 |
Tax Rate | 24.68% | 25.24% | 22.14% | 22.62% | 22.96% |
Dividend Cover | 2.80 2.80 |
2.94 2.94 |
2.85 2.29 |
1.83 1.58 |
8.53 8.53 |
Interest Cover | (10.57) (13.13) |
(27.46) (35.68) |
9.71 10.06 |
8.59 9.40 |
6.18 7.23 |
Continuing & Discontinued Operations | |||||
Earnings per Share - Basic | 157.10p 191.13p |
141.70p 184.28p |
1.34p 1.32p |
128.80p 142.25p |
104.80p 132.19p |
Earnings per Share - Diluted | 156.00p 189.89p |
140.70p 182.92p |
1.33p 1.31p |
128.30p 141.70p |
104.50p 131.80p |
Earnings per Share - Adjusted | 191.10p | 184.30p | 1.64p | 164.90p | 132.20p |
Earnings per Share Growth - Basic | 11% 4% |
10,479% 13,877% |
-99% -99% |
23% 8% |
6% 25% |
Earnings per Share Growth - Diluted | 11% 4% |
10,476% 13,865% |
-99% -99% |
23% 8% |
6% 26% |
Earnings per Share Growth - Adjusted | 4% | 11,136% | -99% | 25% | 2% |
PE Ratio - Diluted | 20.4 16.8 |
19.6 15.1 |
2,168.5 2,202.6 |
19.0 17.2 |
19.8 15.7 |
PEG - Diluted | 1.9 4.2 |
0.0 0.0 |
n/a n/a |
0.8 2.2 |
3.3 0.6 |
Dividend Cover | 2.80 2.80 |
2.94 2.94 |
0.03 0.02 |
1.83 1.58 |
8.53 8.53 |
Return on Equity (ROE) | 16.28% 19.81% |
16.00% 20.81% |
0.19% 0.18% |
20.67% 22.83% |
18.32% 23.12% |
Operating Cash Flow per Share | 269.85p | 284.31p | 219.62p | 236.73p | 200.81p |
Gross Cash Flow per Share | cn/a | cn/a | cn/a | cn/a | cn/a |
Cash Incr/Decr per Share | (30.57p) | 118.73p | (0.56p) | 86.28p | 4.35p |
Capital Expenditure per Share | n/a | n/a | n/a | n/a | n/a |
Dividend per Share | 68.30p | 62.70p | 57.00p | 89.90p | 15.50p |
Dividend per Share Growth | 8.93% | 10.00% | (36.60%) | 480.00% | (69.12%) |
Dividend Yield | 2.1% | 2.3% | 2.0% | 3.7% | 0.8% |
Shareholders Funds | 2,966.30 | 2,720.90 | 2,203.90 | 1,919.10 | 1,744.30 |
Net Borrowings £ (Millions) | 1,659.70 | 1,626.80 | 1,809.00 | 1,762.90 | 1,737.10 |
Net Asset Value per Share (inc. Intangibles) | (82.33p) | (111.44p) | (168.63p) | (156.62p) | (164.00p) |
£ (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 | 2,966.30 | 2,720.90 | 2,203.90 | 1,919.10 | 1,744.30 |
Net Borrowings £ (Millions) | 1,659.70 | 1,626.80 | 1,809.00 | 1,762.90 | 1,737.10 |
Net Gearing | 55.95% | 59.79% | 82.08% | 91.86% | 99.59% |
Cash & Near Cash | 1,426.10 | 1,504.00 | 776.90 | 944.30 | 610.50 |
Cash | 48.08% | 55.28% | 35.25% | 49.21% | 35.00% |
Gross Borrowings | 3,085.80 | 3,130.80 | 2,585.90 | 2,707.20 | 2,347.60 |
Gross Gearing | 104.03% | 115.06% | 117.33% | 141.07% | 134.59% |
Borrowings Under 5 years | 3,085.80 | 3,130.80 | 2,585.90 | 2,707.20 | 2,347.60 |
Under 5 years | 104.03% | 115.06% | 117.33% | 141.07% | 134.59% |
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 | (275.80) | (373.00) | (562.90) | (522.80) | (546.60) |
Net Borrowings £ (Millions) | 1,659.70 | 1,626.80 | 1,809.00 | 1,762.90 | 1,737.10 |
Net Gearing | n/a | n/a | n/a | n/a | n/a |
Cash & Near Cash | 1,426.10 | 1,504.00 | 776.90 | 944.30 | 610.50 |
Cash | (517.08%) | (403.22%) | (138.02%) | (180.62%) | (111.69%) |
Gross Borrowings | 3,085.80 | 3,130.80 | 2,585.90 | 2,707.20 | 2,347.60 |
Gross Gearing | 1,118.82% | 839.36% | 459.39% | 517.83% | 429.49% |
Borrowings Under 5 years | 3,085.80 | 3,130.80 | 2,585.90 | 2,707.20 | 2,347.60 |
Under 5 years | (1,118.85%) | (839.36%) | (459.39%) | (517.83%) | (429.49%) |
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 | 0.91 | 0.89 | 0.80 | 0.88 | 0.82 |
Current Ratio | 1.40 | 1.40 | 1.34 | 1.42 | 1.34 |
* 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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