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Business and financial review


Summary 1997 to 2006

UK GAAP
1996/97
£000		 UK GAAP
1997/98
£000		 UK GAAP
1998/99
£000		 UK GAAP
1999/00
£000		 UK GAAP
2000/01
£000		 UK GAAP
2001/02
£000		 UK GAAP
2002/03
£000		 UK GAAP
2003/04
£000		 UK GAAP
2004/05
£000		 IFRS
2004/05
£000		 IFRS
2005/06
£000
Revenue (note 2) 200,140 213,777 217,758 233,485 268,322 267,597 267,293 292,640 299,119 299,119 337,348
Overseas sales (note 2) 119,235 126,863 134,189 150,727 181,831 183,259 188,161 206,102 218,745 218,745 249,055
Profit before taxation, acquired intangibles
amortisation and goodwill written off (note 3)		 37,076 42,391 41,823 43,751 49,698 48,255 46,508 50,284 50,389 49,912 59,641
Net tangible assets/capital employed 81,209 98,249 102,101 89,755 99,991 117,515 86,854 95,935 80,750 104,417 105,396
Borrowings 3,763 2,784 7,730 14,700 7,758 15,047 27,667 26,934 33,344 33,344 32,308
Cash and cash equivalents 13,447 22,639 29,894 21,900 21,484 45,657 27,574 48,482 45,348 45,348 35,826
Employees 2,677 2,861 2,827 2,975 3,059 2,859 2,793 2,925 3,002 3,002 3,187
Earnings per ordinary share (note 2) 7.01p 6.87p 7.91p 6.08p 8.91p 8.58p 7.76p 6.09p 7.97p 9.38p 11.08p
Adjusted earnings per ordinary share (note 3) 7.01p 8.26p 7.99p 8.41p 9.34p 9.10p 8.55p 9.44p 9.42p 9.45p 11.27p
Year on year increase/(decrease)
in adjusted earnings per ordinary share		 8.9% 17.8% (3.3%) 5.3% 11.1% (2.6%) (6.0%) 10.4% (0.2%) N/A 19.3%
Return on sales (notes 2 and 4) 18.5% 19.8% 19.2% 18.7% 18.5% 18.0% 17.4% 17.2% 16.8% 16.7% 17.7%
Return on capital employed (note 5) 48.2% 49.5% 45.4% 44.7% 48.4% 45.7% 41.7% 50.5% 52.1% 48.8% 56.9%
Year on year increase in dividends
per ordinary share		 20% 20% 20% 20% 15% 15% 10% 7% 5% 5% 5%
Ordinary share price at financial year end 134p 124p 92p 95p 129p 164p 114p 149p 161p 161p 188p
Market capitalisation at financial year end £479.2m £447.3m £330.6m £340.1m £465.7m £598.2m £416.7m £546.5m £593.8m £593.8m £693.4m

Notes:

  1. The amounts disclosed for periods up to and including 2003/04 are stated on the basis of UK GAAP, as it is not practicable to restate amounts prior to the date of transition to IFRS. The principal differences between UK GAAP and IFRS are explained in note 29 to the accounts, which explains the transition to IFRS.
  2. From continuing and discontinued operations.
  3. Adjusted to remove amortisation of goodwill and acquired intangible assets. IFRS figures include results of discontinued operations up to the date of their sales or closure but exclude profit on sale or closure.
  4. Return on sales is defined as profit before taxation, goodwill amortisation and exceptional items expressed as a percentage of revenue.
  5. Return on capital employed is defined in note 3 to the accounts.
  6. UK GAAP figures prior to 2000/01 have not been restated for the adoption of FRS 19 (Deferred Taxation).