Financial Metrics
Key Financial Metrics
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£1,702.9m REVENUE (FULL YEAR 2025)
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+5.0% ORGANIC REVENUE GROWTH (FULL YEAR 2025)
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£339.9m ADJUSTED OPERATING PROFIT (FULL YEAR 2025)
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+6.0% ORGANIC ADJUSTED OPERATING PROFIT GROWTH (FULL YEAR 2025)
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20.0% ADJUSTED OPERATING PROFIT MARGIN (FULL YEAR 2025)
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+3.0% INCREASE IN TOTAL ORDINARY DIVIDEND (FULL YEAR 2025)
10-year financial history
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Revenue | 1,702.9m | £1,665.2m | £1,682.6m |
£1,610.6m |
£1,344.5m | £1,193.4m |
| Operating profit | 265.4m | £304.6m | £284.4m | £318.8m | £320.9m | £249.0m |
| Adjusted operating profit* | 339.9m | £333.9m | £349.1m | £380.2m | £340.3m | £270.4m |
| Adjusted operating profit margin* | 20.0% | 20.1% | 20.7% | 23.6% | 25.3% | 22.7% |
| Profit before taxation | 226.5m | £258.9m | £244.5m | £308.1m | £314.5m | £240.1m |
| Adjusted profit before taxation* | 301.0m | £288.2m | £309.2m | £370.6m | £333.9m | £261.5m |
| Profit after taxation | 163.6m | £191.4m | £184.0m | £225.0m | £234.9m | £173.9m |
| Adjusted cash from operations | 301.5m | £291.5m | £281.7m | £214.9m | £279.0m | £275.8m |
| Cash conversion | 88.7% | 87.3% | 80.7% | 56.5% | 82.0% | 102.0% |
| Capital expenditure to sales†† | 4.0% | 5.6% | 6.3% | 7.3% | 4.8% | 4.2% |
| Basic earnings per share | 221.7p | 259.6p | 249.5p | 305.1p | 318.3p | 235.5p |
| Adjusted earnings per share* | 296.3p | 286.3p | 312.4p | 377.2p | 338.9p | 256.6p |
| Dividends in respect of the year | 125.2m | £121.6m | £117.8m | £112.0m | £100.2m | £87.0m |
| Dividends in respect of the year (per share) | 170.0p | 165.0p | 160.0p | 152.0p | 136.0p | 118.0p |
| Net assets | 1,222.3m | £1,209.2m | £1,157.7m | £1,169.8m | 1,010.0m | £852.3m** |
| Return on capital employed† | 36.0% | 35.5% | 38.1% | 49.0% | 54.7% | 45.9%** |
| Return on invested capital† | 13.1% | 12.8% | 13.5% | 18.3% | 22.0% | 17.2%** |
| 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|
| Revenue | £1,242.4m | £1,153.3m | £998.7m | £757.4m |
| Operating profit | £245.0m | £299.1m | £198.9m | £174.1m |
| Adjusted operating profit* | £282.7m | £264.9m | £235.5m | £180.6m |
| Adjusted operating profit margin* | 22.8% | 23.0% | 23.6% | 23.8% |
| Profit before taxation | £236.8m | £288.8m | £192.5m | £171.4m |
| Adjusted profit before taxation* | £274.5m | £254.6m | £229.1m | £177.9m |
| Profit after taxation | £167.0m | £223.4m | £157.9m | £121.3m |
| Adjusted cash from operations | £238.1m | £242.9m | £203.8m | £185.0m |
| Cash conversion | 84.2% | 91.7% | 86.5% | 102.4% |
| Capital expenditure to sales†† | 5.0% | 3.8% | 3.8% | 5.7% |
| Basic earnings per share | 226.2p | 303.1p | 214.4p | 165.0p |
| Adjusted earnings per share* | 265.7p | 250.0p | 220.5p | 171.5p |
| Dividends in respect of the year | £81.1m | £73.6m | £64.4m | £55.8m |
| Dividends in respect of the year (per share) | 110.0p | 100.0p | 87.5p | 76.0p |
| Net assets | £826.3m | £766.9m | £609.5m | £524.4m |
| Return on capital employed† | 50.8% | 51.6% | 49.8% | 44.8% |
| Return on invested capital† | 18.7% | 19.3% | 22.6% | 28.7% |
* All adjusted profit measures exclude certain items as set out and explained in the Group Chief Financial Officer’s Review and in the Appendix to the
Consolidated Financial Statements.
** 2020 has been restated following the IFRS Interpretations Committee agenda decision on configuration and customisation costs in cloud
computing arrangements (Software as a Service (SaaS)), resulting in a £3.7 million adjustment to opening reserves and intangible assets.
† The results for 2019 to 2025 include the impact of IFRS 16, which was adopted in 2019.
†† Capital expenditure excludes IFRS 16 lease repayments.