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| Financial summary | 2025 (£m) |
2024 (£m) |
Like-for-like change (1) | Year-on-year change |
| Revenue | 1,809.5 | 1,820.1 | +0.7% | (0.6%) |
| Trading Profit (2) (Adjusted operating profit) | 151.1 | 188.0 | (17.0%) | (19.6%) |
| Return on Sales (2) | 8.4% | 10.3% | -170bps | -190bps |
| Adjusted basic EPS (2) (pence) | 34.2p | 43.3p | (17.7%) | (21.0%) |
| Free cash flow (2) | 36.0 | 57.8 | NA | (37.7%) |
| Net Debt / EBITDA (3) | 2.0x | 1.3x | NA | +0.7x |
| Statutory | ||||
| Operating Profit | 114.6 | 153.7 | (17.5%) | (25.4%) |
| Profit Before Tax | 97.2 | 138.6 | (20.8%) | (29.9%) |
| Statutory basic EPS (pence) | 21.1p | 33.5p | (23.5%) | (37.0%) |
| Cash inflow from operations | 173.4 | 216.7 | NA | (20.0%) |
| Dividend (pence per share) | 23.6p | 23.5p | NA | +0.4% |
(1) Like-for-like basis is at constant currency, excluding separately reported items and the impact of acquisitions and disposals.
(2) For definitions of Alternative Performance Measures (APMs), refer to Note 15 in the Condensed Group Financial Statements.
(3) Net debt / EBITDA on a pro-forma basis, adjusting for a full-year EBITDA contribution from acquisitions made mid-year