2023 | 2022 | Change (Reported) | Change (Like-for-like†) | |
| Revenue | £2,323.0m | £2,008.5m | +15.7% | +14.4% |
| Adjusted Group Operating Profit | £146.5m | £140.6m | +4.2% | |
| Adjusted Group Operating Margin | 6.3% | 7.0% | -69bps | |
| Adjusted Profit before tax | £140.1m | £136.9m | +2.3% | |
| Adjusted earnings per share | 210.0p | 205.4p | +2.2% |
- 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 employed‡ of 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
*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