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

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.