Key financial highlights for the year
Revenue
£908.3m
FY22
up 18%
FY21: £773.0m
FY20: £672.2m
EBITDA1
£263.0m
FY22
up 18%
FY21: £222.9m2
FY20: £184.5m
PBT1
£214.3m
FY22
Up 207%
FY21: £69.7m2
FY20: £101.0m
EBITDA margin1
29.0%
FY22
Up 0.2pts
FY21: 28.8%2
FY20: 27.4%
Operating cash flow1
£208.1m
FY22
79% cash conversion
FY21: £234.1m
FY20: £142.0m
Basic diluted EPS
18.1p
FY22
FY21: 3.5p2
FY20: 7.5p
Underlying EPS3
17.4p
FY22
FY21: 14.4p2
FY20: 11.8p
1 Before exceptional items
2 Retrospectively restated in relation to a change in IAS 38 for the treatment of cloud-based software
3 Before exceptional items, preference share interest and prior year tax deduction
| Year ended 31 March | ||
|---|---|---|
| £m 2022 |
£m 2021 |
|
| Revenue | 908.3 | 773.0 |
| Cost of sales | (329.5) | (302.5) |
| Gross profit | 578.8 | 470.5 |
| Selling and administrative expenses | (349.5) | (359.2) |
| Finance expense2 | (15.0) | (41.6) |
| Profit before tax | 214.3 | 69.7 |
| EBITDA | 263.0 | 222.9 |
| Exceptional items | - | (80.5) |
| EBITDA (post-exceptional items) | 263.0 | 143.7 |
| Depreciation, amortisation and forex echange gains | (33.7) | (31.1) |
| Finance expense2 | (15.0) | (41.6) |
| Profit before income tax | 214.3 | 69.7 |
| Tax expense | (33.1) | (35.0) |
| Profit for the year | 181.2 |
35.7 |
1 Results for the year ended 31 March 2021 have been retrospecitvely restated in relation to a change in accounting policy for the treatment of cloud-based software. This resulted in £nil impact on cash.
2 Finance expenses includes non-cash interest on preference shares of £nil (FY21:28.5m) and on 28 January 2021 all preference shares were redeemed in full.
| As at 31 March | ||
|---|---|---|
| £m 2022 |
£m 2021 |
|
| Non-current assets | ||
| Intangible assets | 262.1 | 259.6 |
| Property, plant and equipment | 38.3 | 32.6 |
| Right-of-use assets | 105.5 | 77.4 |
| Deferred tax assets | 9.6 | 7.4 |
| Pension fund surplus | - | - |
| 415.5 | 377.0 | |
| Current assets | ||
| Inventories | 123.0 | 101.5 |
| Trade and other receivables | 85.6 | 59.4 |
| Income tax assets | 6.1 | - |
| Derivatives and financial assets | 0.9 | 0.3 |
| Cash and cash equivalents | 228.0 | 113.6 |
| 443.6 | 274.8 | |
| Total assets | 859.1 | 651.8 |
| Current liabilities | ||
| Trade and other payables | (134.7) | (133.0) |
| Borrowings – Lease liabilities | (19.8) | (18.2) |
| Income tax payable | - | (1.1) |
| (155.0) | (152.3) | |
| Non-current liabilities | ||
| Borrowings – Bank2 | (280.9) | (281.6) |
| Borrowings – Lease liabilities | (93.1) | (66.6) |
| Provisions | (1.9) | (1.6) |
| (375.9) | (349.8) | |
| Total liabilities | (530.9) | (502.1) |
| Net assets/(liabilities) | 328.2 | 149.7 |
| Equity attributable to owners of the Parent | ||
| Share capital | 10.0 | 10.0 |
| Hedging reserve | (0.1) | (0.1) |
| Capital reserve - own shares | - | - |
| Capital redemption reserve | - | - |
| Merger reserve | (1,400.0) | (1,400.0) |
| Non-UK translation reserve | 7.0 | 2.7 |
| Retained earnings | 1,711.3 | 1,538.1 |
| Total equity | 328.2 | 149.7 |
1 Results for the year ended 31 March 2021 have been retrospecitvely restated in relation to a change in accounting policy for the treatment of cloud-based software. This resulted in £nil impact on cash.
2 Included in band debt is £4.7m (FY21: £5.9m) of unamortised bank fees.
| Year ended 31 March | ||
|---|---|---|
| £m 2022 |
£m 20211 |
|
| Cash flows from/(used in) operating activities | 184.4 | 158.9 |
| Cash used in investing activities | (25.0) | (17.3) |
| Cash flows used in financing activities | (47) | (132.9) |
| Net (decrease)/increase in cash and cash equivalents | 112.4 | 8.7 |
| Cash and cash equivalents at beginning of year | 113.6 | 117.2 |
| Effect of exchange on cash held | 2.0 | (12.3) |
| Cash and cash equivalents at end of year | 228.0 | 113.6 |
1 Results for the year ended 31 March 2021 have been retrospecitvely restated in relation to a change in accounting policy for the treatment of cloud-based software. This resulted in £nil impact on cash.
