2024 | 2023 | Change (Reported) | Change (Like-for-like†) | |
Revenue | £2,599.3m | £2,323.0m | +11.9% | +11.6% |
Adjusted Group Operating Profit | £185.1m | £146.5m | +26.3% | |
Adjusted Group Operating Margin | 7.1% | 6.3% | +81bps | |
Adjusted Profit before tax | £176.6m | £140.1m | +26.1% | |
Adjusted earnings per share | 242.8p | 210.0p | +15.6% |
- Statutory profit before tax 13.5% higher at £158.4m (2023: £139.5m), net of £15.4m non-cash Pet intangible assets impairment
- Statutory earnings per share up 1.0% to 210.4p (2023: 208.3p)
- Full year dividend increased by 13.4% to 90.0p (2023: 79.4p); 34 years of unbroken dividend growth
- Return on capital employed‡ up 264bps to 18.5% (2023: 15.8%)
- Strong free cash flow of £223.4m, with free cash conversion of 142.3%
- Net debt (excluding IFRS 16 lease liabilities) lower at £0.1m (2023: £20.2m)
- Robust balance sheet with £250m bank facility providing significant headroom
*Adjusted, like-for-like and free cash 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 30 of the Annual Report
†For comparative purposes, like-for-like revenues exclude the impact of current year acquisitions and the 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