Annual Overview

2016  £’0002017  £’0002018  £’0002019
£'000
2020
£'000
Revenue132,707154,553156,291140,015178,016
EBITDA (see below)31,73037,15226,40416,24630,101
Operating profit
Adjusted*22,11926,53416,040(4,676)5,386
Reported19,82617,1948,660(18,802)(5,517)
Profit after tax
Adjusted*20,69224,99811,229(19,010)2,702
Reported18,02314,6601,189(35,128)(2,893)
Net cash flow from operations
Before adjustments24,28131,08916,98216,53036,324
Reported22,46329,71716,9888,94835,457
Free cash flow**
Before exceptional cash flows4,382(2,945)(26,045)(25,445)23,566
Reported2,564(4,317)(26,039)(33,027)22,699
Net cash/(debt)(39,549)45,61220,807(15,970)1,923
Equity shareholders’ funds184,666287,950305,730266,593260,435
Basic EPS – adjusted*3.06p3.61p1.44p(2.46p)0.29p
Basic EPS – unadjusted2.66p2.11p0.13p(4.51p)(0.41p)
Diluted EPS – adjusted*2.89p3.38p1.38p(2.46p)0.29p
Diluted EPS – unadjusted2.52p1.98p0.12p(4.51p)(0.41p)

* 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:

2019
£'000
2020
£'000
Loss attributable to equity shareholders(35,473)(3,271)
Non-controlling interest345378
Finance costs1,4582,165
Tax10,180(1,001)
Depreciation of property, plant and equipment10,47712,983
Depreciation of right of use assets3,5903,681
Amortisation of intangible fixed assets8,2227,869
Loss/(profit) on disposal of PPE(245)182
Share based payments(771)265
Adjusted items18,4636,850
Adjusted EBITDA16,24630,101

Full details may be found in the Annual Report and Accounts 2020.