|Adjusted Group Operating Profit|
|Adjusted Group Operating Margin|
|Adjusted Profit before tax|
|Adjusted earnings per share|
*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 31 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
- Statutory profit before tax 13.2% higher at £129.9m (2021: £114.8m)
- Statutory earnings per share up 10.9% to 195.7p (2021: 176.4p)
- Full year dividend increased by 8.0% to 75.6p (2021: 70.0p), reflecting 32 years of unbroken dividend growth
- Return on capital employed‡ of 16.9% (2021: 17.2%)
- Net debt of £106.0m, including IFRS 16: 'Leases' (2021: £92.4m)
- Robust balance sheet with £250m of bank facility providing significant headroom
* References to like-for-like throughout the Annual Report & Accounts exclude the benefit of acquisitions in the current year.
† Adjusted and like-for-like references throughout the Annual Report & Accounts refer to non-IFRS measures or Alternative Performance Measures (APMs). Definitions and reconciliations of the APMs to IFRS measures are provided in Note 31
♢Net (debt)/funds includes recognition of the IFRS 16 Leases in 2022 and 2021.