Financial highlights

Year ended 31 March 2021

Total revenue £m

£324.2m

-5.2%

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Definition

Reported Group revenue for the year.

Performance

Total revenue for the year decreased by 5.2% on a reported basis, by 1.2% on a constant currency basis, and increased 0.7% on a constant currency like for like basis after adjusting the prior year for period pro-rating (53 weeks versus 52).

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Underlying operating profit £m

£33.8m

+4.6%

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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 £1.5m (+4.6%). This reflected the first quarter disruptions in revenue from COVID-19 offset by £4.3m of government job retention grants across our geographies and the strong trading recovery in the second half of the year.

1 On a pre-IFRS 16 basis.

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Dividends per share p

8.2p

+165%

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Definition 

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

Performance 

No final dividend for the year ended 31 March 2020 was paid reflecting the need to conserve cash given the uncertainties associated with the COVID-19 pandemic. Based on the improved trading performance in the second half of the year the Board recommends a final dividend of 8.2p per share continuing our previous progressive albeit prudent dividend policy.

Group revenue outside the UK %

41.6%

-1.5%

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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 41.6%, reflecting the impact of Sterling strengthening relative to the Rand. In constant currency terms from when the targets were set we are more closely in line with the strategic target (of 50%) at 45.6% (2020: 44.8%), the growth on prior year reflecting the higher constant currency growth in SA over the UK in the year.

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Underlying return on capital employed %

18.2%

+180bps

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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. The improvement over prior year reflected the 4.6% growth in underlying operating profit and reduced capital employed relating to working capital efficiencies gained this year and prior year COVID-19 related impairments.

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Underlying operating cash flow £m

£65.8m

+71.4%

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Definition 

Cash generated from continuing operations as 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 £65.8m principally reflecting a strong trading performance and reduced working capital.