The Group has established a solid platform to deliver M&A activity.
- Headline profit before tax of £11.9 million (2020: £13.2 million).
- Profit before tax of £10.8 million (2020: £12.0 million).
- Diluted headline EPS of 20.4p (2020: 21.3p).
- Net debt of £5.7 million (2020: £12.3 million).
1 Headline operating profit excludes exceptional items (see note 5) and amortisation of acquired intangibles. Headline profit before taxation excludes exceptional items, amortisation of acquired intangibles and the net finance cost in respect of the Group’s defined benefit pension scheme. The calculation of headline earnings excludes the exceptional impact of remeasuring deferred tax balances (see note 10). Headline EPS for the year ended 31 May 2020 has been re-presented on a like-for-like basis. Diluted headline earnings per share also take into account the taxation effect thereon.
2 Net debt to headline EBITDA is calculated based on net debt excluding IFRS 16 lease liabilities. The headline EBITDA calculation excludes the impact of IFRS 16 depreciation.