Annual Overview

2019
£'000
2018 £'0002017  £’0002016 £’0002015 £’000
Revenue140,015156,291154,553132,707114,024
EBITDA (see below)16,24626,40437,15231,73029,001
Operating profit
Adjusted*(4,676)16,04026,53422,11918,977
Reported(18,802)8,66017,19419,82621,166
Profit after tax
Adjusted*(19,010)11,22924,99820,69217,045
Reported(35,128)1,18914,66018,02317,847
Net cash flow from operations
Before adjustments16,53016,98231,08924,28122,575
Reported8,94816,98829,71722,46320,971
Free cash flow**
Before exceptional cash flows(25,445)(26,045)(2,945)4,38212,114
Reported(33,027)(26,039)(4,317)2,56410,510
Net cash/(debt)(15,970)20,80745,612(39,549)(23,223)
Equity shareholders’ funds266,593305,730287,950184,666142,299
Basic EPS – adjusted*(2.46p)1.44p3.61p3.06p2.53p
Basic EPS – unadjusted(4.51p)0.13p2.11p2.66p2.65p
Diluted EPS – adjusted*(2.46p)1.38p3.38p2.89p2.45p
Diluted EPS – unadjusted(4.51p)0.12p1.98p2.52p2.56p

* 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 have been calculated as follows:

2019
£'000
2018
£'000
2017 
£‘000
2016 
£‘000
2015 
£‘000
Profit after tax(35,128)1,18914,66018,02317,847
Tax10,1805,558435340248
Interest1,458(87)2,0991,4631,790
Share based payments(771)(1,044)7,5262,8812,001
Profit & loss on disposal(245)-2247(5,187)
Adjusted items18,4637,906385(1,962)1,070
Depreciation of PPE10,4776,7735,6375,5616,192
Amortisation of intangible assets8,2226,1096,3885,3775,040
Adjusted EBITDA16,24626,40437,15231,73029,001

Full details may be found in the latest full-year annual report and accounts.