Financial Information

Consolidated income statement

For the year ended 31 March

    2019 2018
all figures in £ million Note Underlying* Specific
adjusting
items*
Total Underlying* Specific
adjusting
items*
Total
Revenue1  2,3 911.1 911.1 833.0 833.0
Operating costs excluding depreciation and amortisation   (762.5) (2.7) (765.2) (690.9) (690.9)
Other income 2 10.6 0.2 10.8 9.7 21.1 30.8
EBITDA (earnings before interest, tax, depreciation and amortisation)   159.2 (2.5) 156.7 151.8 21.1 172.9
Depreciation and impairment of property, plant and equipment  3,15 (32.1) (3.7) (35.8) (25.6) (25.6)
Amortisation and impairment of intangible assets  3,14 (3.2) (3.9) (7.1) (3.7) (2.6) (6.3)
Operating profit/(loss)  3 123.9 (10.1) 113.8 122.5 18.5 141.0
Gain on sale of investments    –  1.1 1.1  –  –
Finance income 6 1.2 8.2 9.4 0.7 4.2 4.9
Finance expense 6 (1.1) (1.1) (1.1) (1.1)
Profit/(loss) before tax 5 124.0 (0.8) 123.2 122.1 22.7 144.8
Taxation (expense)/income 8 (12.5) 3.2 (9.3) (13.1) 6.4 (6.7)
Profit for the year attributable to equity shareholders   115.5 2.4 113.9 109.0 29.1 138.1
Earnings per share              
Basic 12 19.7p   20.1p 19.3p   24.4p
Diluted 12 19.6p   20.0p 19.2p   24.3p

*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 2019 2018
Non-current assets      
Goodwill 13 148.6 101.5
Intangible assets 14 88.5 41.1
Property, plant and equipment 15 298.0 269.0
Other financial assets 23 0.9 0.3
Equity accounted investments 16 4.5 2.2
Retirement benefit surplus 29 259.1 316.2
Deferred tax asset 17 7.8 6.4
    807.4 736.7
Current assets      
Inventories 18 40.1 38.1
Other financial assets 23 0.5 16.9
Trade and other receivables 19 208.5 150.3
Investments 20 - 0.7
Current tax receivable    1.5
 Assets held for sale  15  1.9 1.2 
Cash and cash equivalents 23 190.8 254.1
    443.3 461.3
Total assets   1,250.7 1,198.0
Current liabilities      
Trade and other payables 21 (346.6) (334.9)
Current tax payable   (8.5) (8.9)
Provisions 22 (6.2) (6.0)
Other financial liabilities 23 (1.8) (2.6)
    (363.1) (352.4)
Non-current liabilities      
Deferred tax liability 17 (73.1) (66.4)
Provisions 22 (10.7) (14.3)
Other financial liabilities 23 (1.9) (1.9)
Other payables 21 (20.9) (18.7)
    (106.6) (101.3)
Total liabilities   (469.7) (453.7)
Net assets   781.0 744.3
Capital and reserves      
Ordinary shares 27 5.7 5.7
Capital redemption reserve   40.8 40.8
Share premium account   147.6 147.6
 Hedging reserve   (0.2)  (1.8)
Translation reserve   3.8 (0.4)
Retained earnings   581.1 552.2
Capital and reserves attributable to shareholders of the parent company   778.8 744.1
Non-controlling interest   2.2 0.2
Total shareholders’ funds   781.0 744.3

Consolidated cash flow statement

For the year ended 31 March

all figures in £ million Note 2019 2018
Underlying net cash inflow from operations 26 126.3 126.5
(Less)/add back ‘specific adjusting items’ 26 (0.7) 5.9
Net cash inflow from operations   125.6 132.4
Tax paid   (10.7) (15.7)
Interest received   1.3 0.7
Interest paid   (0.7) (0.7)
Net cash inflow from operating activities   115.5 116.7
Purchases of intangible assets   (10.6) (8.5)
Purchases of property, plant and equipment   (77.0) (46.0)
Proceeds from disposals of plant and equipment   6.9
Proceeds from sale of property   5.3 23.1
Acquisition of businesses
  (61.2) (1.1)
 Investment in joint venture   (1.6) (0.5)
 Proceeds from disposal of available-for-sale investments   15.7  
Investment in available-for-sale investments
  (5.0)
Net cash outflow from investing activities   (121.0) (38.0)
Purchase of own shares   (0.7) (0.7)
Dividends paid to shareholders   (35.7) (34.5)
Repayment of external bank loan  7 (20.0)
 Payment of bank facility arrangement fee   (1.5)
 Capital element of finance lease payments   (0.4)
Net cash outflow from financing activities   (58.3) (35.2)
(Decrease)/increase in cash and cash equivalents   (63.8) 43.5
Effect of foreign exchange changes on cash and cash equivalents   0.5 (1.2)
Cash and cash equivalents at beginning of the year   254.1 211.8
Cash and cash equivalents at end of the year 23 190.8 254.1

Company statement of changes in equity

For the year ended 31 March

 

all figures in £ million Issued
share
capital
Capital
redemption
reserve
Share
premium
Hedge
reserve
Translation
reserve
Retained
earnings
Total  Non-
controlling 
interest

Total
Equity
 
At 1 April 2018 5.7 40.8 147.6 (1.8) (0.4) 552.2 744.1  0.2 744.3
Profit for the year   113.9 113.9   113.9 
Acquisition of partially owned subsidary   2.0 2.0
Other comprehensive income/(expense)
for the year, net of tax
1.6 4.2 (55.5) (49.7)   (49.7) 
Purchase of own shares       (0.7) (0.7)   (0.7) 
Share-based payments            5.9 5.9 5.9 
Deferred tax on share options      1.0  1.0   1.0
Dividends (35.7) (35.7) (35.7 
At 31 March 2019 5.7 40.8 147.6 (0.2) 3.8 581.1  778.8 2.2  781.0
                   
At 1 April 2017 5.7 40.8 147.6  – 10.3 328.0 532.4  0.2 532.6
Profit for the year 138.1 138.1  – 138.1
Other comprehensive income/(expense)
for the year, net of tax
(1.8) (10.7) 118.6 106.1  – 106.1
Purchase of own shares (0.7) (0.7)  – (0.7)
Share-based payments  – 2.7 2.7  – 2.7
Dividends (34.5) (34.5) (34.5)
At 31 March 2018 5.7 40.8 147.6  (1.8) (0.4) 552.2 744.1 0.2 744.3