10 Year Trading History

All figures £m	2019	2018

Revenue	669	696

Cost of sales	(357)	(384)
Gross profit	311	312

Overheads	(180)	(189)
Operating profit	127	123
Adjusted* operating profit	151	146
Amortisation of acquired intangible assets	(18)	(20)
Disposal of property	-	-
Operating profit	127	123

Net interest	(2)	(2)
Profit before taxation	124	121
Tax expense	(30)	(29)
Profit for the year	94	92

Dividends paid	48	48

Basic EPS	10.8p	10.5p
Adjusted* EPS	13.0p	12.6p
Diluted EPS	10.8p	10.5p

All figures £m	2017	2016	2015

Revenue	642	590	546

Cost of sales	(358)	(328)	(297)
Gross profit	284	262	249

Overheads	(198)	(168)	(145)
Operating profit	86	94	104
Adjusted* operating profit	130	121	125
Amortisation of acquired intangible assets	(27)	(27)	(21)
Disposal of property	-	-	-
Operating profit	86	94	104

Net interest	(5)	(3)	(2)
Profit before taxation	81	91	102
Tax expense	(25)	(24)	(27)
Profit for the year	56	67	75

Dividends paid	45	44	44

Basic EPS	6.4p	7.7p	8.6p
Adjusted* EPS	10.6p	10.0p	10.4p
Diluted EPS	6.4p	7.7p	8.6p

All figures £m	2014	2013	2012

Revenue	595	578	512

Cost of sales	(310)	(304)	(272)
Gross profit	285	274	240

Overheads	(143)	(135)	(115)
Operating profit	142	139	125
Adjusted* operating profit	157	151	132
Amortisation of acquired intangible assets	(15)	(12)	(7)
Disposal of property	-	-	-
Operating profit	142	139	125

Net interest	(1)	(1)	0
Profit before taxation	141	138	125
Tax expense	(38)	(38)	(35)
Profit for the year	103	100	90

Dividends paid	43	39	34

Basic EPS	119.0p	114.8p	103.1p
Adjusted* EPS	131.6p	124.9p	109.3p
Diluted EPS	118.5p	114.3p	102.6p

All figures £m	2011	2010

Revenue	448	381

Cost of sales	(236)	(200)
Gross profit	211	181

Overheads	(99)	(83)
Operating profit	112	98
Adjusted* operating profit	116	99
Amortisation of acquired intangible assets	(4)	(1)
Disposal of property	-	-
Operating profit	112	98

Net interest	1	0
Profit before taxation	113	98
Tax expense	(33)	(28)
Profit for the year	80	70

Dividends paid	50	36

Basic EPS	93.0p	80.5p
Adjusted* EPS	96.2p	81.9p
Diluted EPS	92.6p	80.2p

* Adjusted is before amortisation of acquired intangible assets and the disposal of property.