STAKEHOLDER INFORMATION FIVE YEAR STATEMENT
| 2026 £’m | 2025 £’m |
2024 £’m |
2023 £’m |
2022 £’m |
|
Revenue |
2,982.5 | 2,723.3 |
2,599.3 |
2,323.0 |
2,008.5 |
Profit before tax |
215.8 | 181.6 |
158.4 |
139.5 |
129.9 |
Adjusted profit before tax* |
220.0 | 197.9 |
176.6 |
140.1 |
136.9 |
Earnings per share |
295.9p | 250.5p |
210.4p |
208.3p |
195.7p |
Adjusted earnings per share* |
301.7p | 273.4p |
242.8p |
210.0p |
205.4p |
Dividends per share |
112.5p | 101.0p |
90.0p |
79.4p |
75.6p |
Capital expenditure |
163.4 | 137.6 |
91.4 |
85.1 |
93.7 |
Net debt |
240.8 | 172.4 |
99.4 |
101.4 |
106.0 |
Net assets |
1,088.9 | 987.9 |
911.5 |
842.9 |
768.9 |
* Adjusted profit before tax and earnings per share exclude certain non-cash items including the net IAS 41 valuation movement on biological assets, amortisation and impairment of acquired intangible assets, and profit on sale of a business. These are the measures used by the Board to assess the Group’s underlying performance.
Dividends per share relate to dividends declared in respect of that year.
Net debt is defined as per Note 27 to the accounts.