Financial Information

Consolidated income statement

For the year ended 31 March

    2018 2017
all figures in £ million Note Underlying Specific
adjusting
items*
Total Underlying Specific adjusting
items*
Total
Revenue 2, 3 833.0 833.0 783.1 783.1
Operating costs excluding depreciation, amortisation and impairment   (690.9) (690.9) (647.0) (1.0) (647.0)
Other income 2 9.7 21.1 30.8 9.2 18.4 27.6
EBITDA (earnings before interest, tax, depreciation and amortisation)   151.8 21.1 172.9 145.3 17.4 162.7
Depreciation and impairment of property, plant and equipment 3, 15 (25.6) (25.6) (26.4) (26.4)
Amortisation and impairment of intangible assets 3, 14 (3.7) (2.6) (6.3) (2.6) (1.0) (3.6)
Operating profit 3 122.5 18.5 141.0 116.3 16.4 132.7
Finance income 6 0.7 4.2 4.9 1.0 1.0
Finance expense 6 (1.1) (1.1) (1.2) (1.0) (2.2)
Profit/(loss) before tax 5 122.1 22.7 144.8 116.1 15.4 131.5
Taxation (expense)/income 8 (13.1) 6.4 (6.7) (12.3) 4.1 (8.2)
               
Profit for the year attributable to equity shareholders   109.0 29.1 138.1 103.8 19.5 123.3
Earnings per share              
Basic 12 19.3p   24.4p 18.1p   21.5p
Diluted 12 19.2p   24.3p 17.9p   21.3p

*For details of ‘specific adjusting items’ refer to note 4 to the financial statements.

Consolidated balance sheet

As at 31 March

all figures in £ million Note 2018 2017
Non-current assets      
Goodwill 13 101.5 107.8
Intangible assets 14 41.1 34.7
Property, plant and equipment 15 269.0 238.8
Other financial assets 24 0.3 0.5
Equity accounted investments 16 2.2 1.5
Retirement benefit surplus 30 316.2 156.0
Deferred tax asset 17 6.4 5.4
    736.7 544.7
Current assets      
Inventories 18 38.1 28.9
Other financial assets 24 16.9 10.7
Trade and other receivables 19 150.3 175.6
Investments 20 0.7 1.3
Cash and cash equivalents 24 254.1 211.8
    461.3 428.3
Total assets   1,198.0 973.0
Current liabilities      
Trade and other payables 21 (334.9) (322.1)
Current tax 22 (8.9) (43.7)
Provisions 23 (6.0) (6.2)
Other financial liabilities 24 (2.6) (0.8)
    (352.4) (372.8)
Non-current liabilities      
Deferred tax liability 17 (66.4) (37.0)
Provisions 23 (14.3) (17.8)
Other financial liabilities 24 (1.9) (0.3)
Other payables 21 (18.7) (12.5)
    (101.3) (67.6)
Total liabilities   (453.7) (440.4)
Net assets   744.3 532.6
Capital and reserves      
Ordinary shares 28 5.7 5.7
Capital redemption reserve   40.8 40.8
Share premium account   147.6 147.6
 Hedging reserve   (1.8)  
Translation reserve   (0.4) 10.3
Retained earnings   552.2 328.0
Capital and reserves attributable to shareholders of the parent company   744.1 532.4
Non-controlling interest   0.2 0.2
Total shareholders’ funds   744.3 532.6

Consolidated cash flow statement

For the year ended 31 March

all figures in £ million Note 2018 2017
Underlying net cash inflow from operations 27 126.5 111.9
Add back ‘specific adjusting items’: proceeds from sale of intellectual property   5.9   –
Net cash inflow from operations   132.4 111.9
Tax paid   (15.7) (3.0)
Interest received   0.7 1.0
Interest paid   (0.7) (0.6)
Net cash inflow from operating activities   116.7 109.3
Purchases of intangible assets   (8.5) (2.2)
Purchases of property, plant and equipment   (46.0) (30.7)
Proceeds from sale of property, plant and equipment   23.1 (30.7)
Acquisition of businesses and investment in joint venture   (1.6) (65.7)
Investment in available-for-sale investments   (5.0)
Net cash outflow from investing activities   (38.0) (84.3)
Purchase of own shares   (0.7) (48.1)
Dividends paid to shareholders   (34.5) (33.4)
Net cash outflow from financing activities   (35.2) (81.5)
Increase/(decrease) in cash and cash equivalents   (43.5) (56.5)
Effect of foreign exchange changes on cash and cash equivalents   (1.2) 4.8
Cash and cash equivalents at beginning of the year   211.8 263.5
Cash and cash equivalents at end of the year 24 254.1 211.8

Company statement of changes in equity

For the year ended 31 March

all figures in £ million Issued share capital Capital redemption reserve Share premium Profit and loss Total equity
At 1 April 2017 5.7 40.8 147.6 81.8 275.9
Profit for the year 161.7 161.7
Purchase of own shares (0.7) (0.7)
Dividend paid (34.5) (34.5)
Share-based payments 2.7 2.7
At 31 March 2018 5.7 40.8 147.6 211.0 405.1
           
At 1 April 2016 5.9 40.6 147.6 162.8 356.9
Loss for the year (1.6) (1.6)
Purchase of own shares (0.7) (0.7)
Purchase and cancellation of shares (0.2) 0.2 (47.4) (47.4)
Dividend paid (33.4) (33.4)
Share-based payments 2.1 2.1
At 31 March 2017 5.7 40.8 147.6 81.8 275.9