This section provides a summary of our financial highlights for FY23 and FY22.



Change (Reported)

Change (Like-for-like†)






Adjusted Group Operating Profit




Adjusted Group Operating Margin




Adjusted Profit before tax




Adjusted earnings per share




    • Statutory profit before tax 7.4% higher at £139.5m (2022: £129.9m)
    • Statutory earnings per share up 6.4% to 208.3p (2022: 195.7p)
    • Full year dividend increased by 5.0% to 79.4p (2022: 75.6p); 33 years of unbroken dividend growth
    • Return on capital employedof 15.8% (2022: 16.9%)
    • Net debt (excluding IFRS 16 lease liabilities) lower at £20.2m (2022: £36.2m)
    • Robust balance sheet with £250m bank facility providing significant headroom
Highlights FY23

*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 29 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