Five-year summary

2016 2017 2018 20192020
Revenue £465.9m £555.8m £611.0m £671.3m
Headline operating profit* £8.7m £9.0m £10.6m £10.2m
Headline profit before tax*
£8.3m £8.5m £10.2m £9.7m £13.2m
Diluted headline EPS* 13.5p 14.0p 16.7p 15.8p 20.5p
Total dividend per share 5.7p 6.0p 6.3p 6.6p 6.9p
Net debt to EBITDA 0.8x 1.0x 0.4x 0.7x 0.7x

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. Diluted headline earnings per share also take into account the taxation effect thereon.

2 Results for the year ended 31 May 2020 are presented following the adoption of IFRS 16 ‘Leases’, the impact of which is to increase operating profit and headline operating profit by £0.2 million. Profit before taxation and headline profit before taxation are reduced by £0.2 million with the inclusion of £0.4 million of finance costs under the new standard. The Group has elected to apply the simplified transition approach and as such comparative periods have not been restated.

3 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.