Financial Highlights










Revenue £1,898.4m £1,667.2m +13.9% +12.1%
Adjusted Group Operating Profit £132.5m £105.1m +26.1%  
Adjusted Group Operating Margin 7.0% 6.3% +68bps  
Adjusted Profit before tax £129.7m £102.3m +26.8%  
Adjusted earnings per share 199.3p 156.4p +27.4%  


  • Statutory profit before tax 10.4% higher at £114.8m (2020: £104.0m)
  • Statutory earnings per share up 10.9% to 176.4p (2020: 159.1p)
  • Full year dividend increased by 15.9% to 70.0p (2020: 60.4p), reflecting 31 years of unbroken dividend growth


  • Return on captial employed‡ of 17.2% (2020: 16.4%), helped by a full year contribution from Eye poultry facility
  • Net debt reduced by 37.1% to £92.4m, including IFRS 16: 'Leases' (2020: £146.9m)
  • Robust balance sheet with £200m of bank facilities providing over £170m of headroom


*Adjusted and like-for-like references throughout this statement refer to non-IFRS measures or Alternative Performance Measures (‘APMs’).  Definitions and reconciliations of the APMs to IFRS measures are provided in Note 32 to the annual report and accounts

†For comparative purposes, like-for-like references exclude the current year contribution from prior year acquisitions prior to the anniversary of their purchase

‡Return on capital employed is defined as adjusted operating profit divided by the sum of average opening and closing net assets, net (debt)/funds, pension (surplus)/deficit and deferred tax