Headline operating profit1£111.1m£107.4m
Return on sales218.2%17.3%
Operating profit£107.0m£102.1m
Headline profit before taxation1£107.8m£103.7m
Profit before taxation£103.7m£98.4m
Headline operating cash flow3£100.0m£108.9m
Operating cash flow4£96.8m£104.6m
Net cash£35.7m£15.0m
Basic headline earnings per share543.8p41.2p
Basic earnings per share41.7p38.5p
Ordinary dividend per share614.4p13.5p
Special dividend per share620.0p10.0p
Return on capital employed720.7%19.9%
  1. Headline operating profit and headline profit before taxation exclude amortisation of acquired intangibles of £3.9m (2013: £4.5m), reorganisation costs of £nil (2013: £0.8m) and acquisition costs of £0.2m (2013: £nil).
  2. Return on sales is defined as headline operating profit as a percentage of revenue.
  3. Headline operating cash flow is defined as operating cash flow stated before cash flow relating to restructuring of £3.0m (2013: £4.3m) and acquisition costs of £0.2m (2013: £nil).
  4. Operating cash flow is defined as cash generated by operations of £150.6m (2013: £161.9m) less net capital expenditure of £53.8m (2013: £57.3m).
  5. A detailed reconciliation is provided in note 9.
  6. See note 8.
  7. Return on capital employed is defined as headline operating profit of £111.1m (2013: £107.4m) divided by the average of opening and closing capital employed of £538.0m (2013: £539.6m) as adjusted for certain items of goodwill written off. Capital employed is defined as net assets adjusted for net cash/(debt).



Revenue Graph



(2013: £619.6m)

Headline operating profit


Headline operatiing profit Graph



(2013: £107.4m)

Dividend per share


Dividend per share Graph



(2013: 13.5p)

Headline earnings per share


Headline earnings per share Graph



(2013: 41.2p)