Annual Overview

2017  £’0002018  £’0002019
£'000
2020
£'000
2021
£'000
Revenue154,553156,291140,015178,016154,096
EBITDA (see below)37,15226,40416,24630,10118,679
Operating profit
Adjusted*26,53416,040(4,676)5,386(6,454)
Reported17,1948,660(18,802)(5,517)(19,978)
Profit after tax
Adjusted*24,99811,229(19,010)2,702(19,281)
Reported14,6601,189(35,128)(2,893)(31,002)
Net cash flow from operations
Before adjustments31,08916,98216,53036,32417,940
Reported29,71716,9888,94835,45718,883
Free cash flow**
Before exceptional cash flows(2,945)(26,045)(25,445)23,566(1,640)
Reported(4,317)(26,039)(33,027)22,699(697)
Net cash/(debt)45,61220,807(15,970)1,923(5,804)
Equity shareholders’ funds287,950305,730266,593260,435234,621
Basic EPS – adjusted*3.61p1.44p(2.46p)0.29p(2.41p)
Basic EPS – unadjusted2.11p0.13p(4.51p)(0.41p)(3.87p)
Diluted EPS – adjusted*3.38p1.38p(2.46p)0.29p(2.41p)
Diluted EPS – unadjusted1.98p0.12p(4.51p)(0.41p)(3.87p)

* Free cash flow is defined as net cash flow before acquisitions, contingent deferred consideration (settled through contractual discounts), financing and net interest paid. ** adjusted EPS measures exclude non-cash charges for share based payments, non-cash acquisition related charges and exceptional items.

** Free cash flow is defined as net cash flow before acquisitions, financing and net interest paid.

Adjusted EBITDA (adjusted earnings before interest, tax, depreciation and amortisation) is calculated as follows:

2020
£'000
2021
£'000
Loss attributable to equity shareholders(3,271)(31,002)
Non-controlling interest378-
Finance costs2,1652,213
Tax(1,001)8,811
Depreciation of property, plant and equipment12,98313,309
Depreciation of right of use assets3,6813,854
Amortisation of intangible fixed assets7,8698,047
Loss/(profit) on disposal of PPE182(77)
Share based payments2651,691
Adjusted items6,85011,833
Adjusted EBITDA30,10118,679

Full details may be found in the Annual Report and Accounts 2021.