Financial highlights

Year ended 31 March 2023

Total revenue £m

£441.0m

+11.3%

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Definition

Reported Group revenue for the year.

Performance

Total revenue for the year increased by 11.3% on a reported basis and by 1.5% on a constant currency like for like basis.

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Underlying operating profit £m

£47.3m

+13.2%

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Definition

Reported operating profit as adjusted for IAS 19R administrative expenses, acquisition related costs and exceptional operating items, as defined in note 8 to the financial statements.

Performance

Underlying operating profit increased by £5.5m (+13.2%). This reflected the contribution from Grant Westfield and a strong trading performance in the UK and in South Africa.

1 On a pre-IFRS 16 basis.

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Dividends per share p

10.2p

+2.0%

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Definition 

The total of the interim dividend and the proposed final dividend for the financial year.

Performance 

In line with the Board’s progressive albeit prudent dividend policy, the dividend per share increased 2.0% to 10.2p per share from 10.0p per share.

Group revenue outside the UK %

40.6%

-330bps

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Definition

Revenue from the Group’s South African operating segment plus export revenue from the Group’s UK operating segment.

Performance

Group revenue outside the UK has decreased in the year to 40.6%, reflecting the acquisition of Grant Westfield in the year. In constant currency terms from when the targets were set we are more closely in line with the strategic target (of 50%) at 43.8% (2022: 47.0%).

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Underlying return on capital employed %

18.5%

-540bps

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Definition

Underlying operating profit on a pre-IFRS 16 basis expressed as a percentage of the average of opening and closing underlying capital employed (as defined in note 8 to the financial statements).

Performance

Underlying ROCE remained above the strategic target of 15% over the economic cycle.

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Underlying operating cash flow £m

£44.8m

+56.6%

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Definition 

Cash generated from continuing operations adjusted for cash flows from exceptional items and pension fund deficit recovery contributions, as defined in note 8 to the financial statements.

Performance 

Underlying operating cash generation increased to £44.8m reflecting a strong trading performance and a reduced investment into working capital.