Five Year Financial Summary

For the year ended 31 December

2008
£m
2007
£m
2006
£m
2005
£m
2004
£m
Revenue 337.7 273.8 222.3 194.9 185.4
Operating profit before significant items 38.4 32.6 25.2 20.0 17.8
Net interest on bank borrowings (3.1) (2.6) (1.4) (1.3) (1.6)
Other financial income/(expense) 0.1 0.3 0.3 0.3 0.3
Profit before tax and significant items 35.4 30.3 24.1 18.4 16.5
 
Cash generated from operations 44.3 33.8 28.7 29.8 22.5
Net interest paid (3.6) (3.0) (1.5) (1.3) (1.6)
Tax paid (6.7) (9.5) (5.5) (1.6) (1.4)
Operating cashflow 34.0 21.3 21.7 26.9 19.5
Net capital expenditure on property, plant &
equipment and software and development costs
capitalised as intangible assets (15.0) (16.6) (11.2) (9.6) (8.4)
Free cash flow(1) 19.0 4.7 10.5 17.3 11.1
 
Capital employed
Intangible fixed assets 71.6 55.5 34.1 19.9 12.8
Tangible fixed assets 63.6 45.6 35.1 33.6 30.7
Investment in equity-accounted investee - 1.3 0.7 - -
Other net assets 34.9 21.8 21.8 17.8 27.2
170.1 124.2 91.7 71.3 70.7
Financed by
Shareholders’ funds - equity 133.4 97.3 76.8 70.6 64.2
Net debt 53.0 38.4 18.9 5.4 11.3
Deferred tax (16.3) (11.5) (4.0) (4.7) (4.8)
170.1 124.2 91.7 71.3 70.7
Statistics
Operating profit (%) before significant items 11.4 11.9 11.3 10.2 9.6
Effective tax rate (%) before significant items 33.9 37.0 40.0 42.0 45.0
Adjusted basic earnings per share (p)(2) 55.9 46.0 35.3 26.0 22.2
Basic earnings per share (p) 48.0 44.1 32.6 23.9 18.8
Dividends per share (p) 18.3 17.8 16.5 15.5 15.0
Year-end mid-market share price (p) 235.5 585.0 528.5 375.0 286.0

(1)Free cash flow is the cash generated from operations less interest, tax and capital expenditure on property, plant & equipment and capitalised software costs.

(2) Differences between Adjusted basic and Basic earnings per share arise from significant items in the years in question.

Information correct at 04/04/2008