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Summary of Group financial results |
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£m (unless stated otherwise) |
Year to |
Year to |
Actual |
Constant |
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Continuing operations |
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Sales |
3 506 |
3 553 |
(1) |
(6) |
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|
|
|
|
|
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Adjusted operating profit |
298 |
298 |
– |
(7) |
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Net finance expense |
(69) |
(51) |
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|
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Profit before tax, exceptional items and amortisation |
229 |
247 |
(7) |
(14) |
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Exceptional items |
(276) |
(119) |
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|
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Amortisation of acquired intangibles |
(14) |
(15) |
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|
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(Loss)/profit before tax |
(61) |
113 |
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Income tax credit/(expense) |
84 |
(19) |
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|
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Profit for the year from continuing operations |
23 |
94 |
(76) |
(78) |
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Loss for the year from discontinued operations |
(4) |
(24) |
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Profit for the year |
19 |
70 |
(73) |
(90) |
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Earnings per share from continuing operations |
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Basic |
4.2p |
19.5p |
(78) |
(81) |
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Diluted |
4.2p |
19.4p |
(78) |
(81) |
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Adjusted earnings per share from continuing operations |
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Basic |
39.1p |
38.2p |
2 |
(2) |
|
Diluted |
38.9p |
38.0p |
2 |
(2) |
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Dividends per share |
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Interim paid |
6.8p |
6.8p |
– |
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Final proposed |
16.1p |
16.1p |
– |
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|
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22.9p |
22.9p |
– |
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Net debt |
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At 31 March |
814 |
1 231 |
34 |
27 |
1 Free cash flow is defined as cash flow from continuing operations after interest, taxation and capital expenditure. |
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2 EBITDA is defined as earnings before interest, tax, depreciation and amortisation. |
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Free cash flow improved from an inflow of £154 million in the 2009 financial year to an inflow of £540 million in the 2010 financial year. This improvement was driven principally by significant reductions in working capital across the business. |
Net debt reduced from £1,231 million at 31 March 2009 to £814 million at 31 March 2010. Before the effects of exchange rates, net debt reduced by £338 million in the 2010 financial year. This improvement reflects the resolute focus the Group has placed on optimising cash flow and actively managing our cost base. |
Net debt to EBITDA is one of the key performance indicators of our financial strength. The ratio improved to 1.8 times in 2010 compared to 2.4 times in the comparative period. |