Financial highlights

Headline operating profit1£97.9m£85.5m
Operating profit£93.4m£80.4m
Headline profit before taxation1£94.3m£80.9m
Profit before taxation£89.8m£75.8m
Headline operating cash flow2£110.8m£96.0m
Operating cash flow3£103.0m£90.3m
Net debt / (cash)£34.2m£(0.1)m
Basic headline earnings per share437.4p32.7p
Basic earnings per share35.8p30.0p
Dividend per share512.3p10.9p
Return on capital employed6 19.5%16.9%
  1. Headline operating profit and headline profit before taxation exclude acquisition costs of £2.5m (2011: £nil), reorganisation costs of £2.4m (2011: £nil), profit on disposal of investment of £2.4m (2011: £nil), amortisation of acquired intangibles of £2.0m (2011: £0.9m) and impairment charges of £nil (2011: £4.2m).
  2. Headline operating cash flow is defined as operating cash flow stated before cash flow relating to restructuring of £5.3m (2011: £5.7m) and cash flow relating to acquisition costs of £2.5m (2011: £nil).
  3. Operating cash flow is defined as cash generated by operations of £150.7m (2011: £134.8m) less net capital expenditure of £47.7m (2011: £44.5m).
  4. A detailed reconciliation is provided in note 9.
  5. See note 8.
  6. Return on capital employed is defined as headline operating profit of £97.9m (2011: £85.5m) divided by the monthly average capital employed of £501.1m (2011: £505.2m). Capital employed is defined as net assets adjusted for net debt / (cash).

Revenue - continuing operations


Revenue - Continuing Operations



(2011: £570.7m)

Headline operating profit


Headline Operating Profit



(2011: £85.5m)

Dividend per share5


Dividend Per Share



(2011: 10.9p)

Headline earnings per share4


Headline Earnings Per Share



(2011: 32.7p)