Financial Highlights










Revenue £1,667.2m £1,437.1m +16.0% +13.0%
Adjusted Group Operating Profit £105.1m £92.3m +13.9%  
Adjusted Group Operating Margin 6.3% 6.4% -12bps  
Adjusted Profit before tax £102.3m £92.0m +11.2%  
Adjusted earnings per share 156.4p 144.3p +8.4%  


  • Statutory profit before tax 20.2% higher at £104.0m (2019: £86.5m)
  • Statutory earnings per share up 17.4% to 159.1p (2019: 135.5p)
  • Full year dividend increased by 8.1% to 60.4p (2019: 55.9p), reflecting 30 years of unbroken dividend growth


  • Return on captial employed‡ of 16.2% (2019: 18.4%), mainly reflecting Eye poultry facility growth capex
  • Net debt of £146.9m, including £65.9m from first time adoption of IFRS 16: 'Leases' (2019: Net funds £6.3m)
  • Robust balance sheet with £200m of bank facilities providing over £100m 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 acquisitions in the current year

‡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 liabilities and deferred tax