Year ended 31 March 2022
Definition
Reported Group revenue for the year.
Performance
Total revenue for the year increased by 22.2% on a reported basis and by 20.6% on a constant currency basis.
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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 £8.0m (+23.7%). This reflected a strong trading performance in the UK and in South Africa.
1 On a pre-IFRS 16 basis.
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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 21.9% to 10.0p per share from 8.2p per share.
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 increased in the year to 43.9%, reflecting growth in South Africa ahead of growth in the UK. In constant currency terms from when the targets were set we are more closely in line with the strategic target (of 50%) at 47.0% (2021: 45.6%), the growth on prior year reflecting the higher constant currency growth in South Africa over the UK in the year.
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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 23.7% growth in underlying operating profit against increased capital employed, driven by the Group’s investment into inventory.
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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 decreased to £28.6m reflecting a strong trading performance and investment into inventory.