Annual Overview
| 2018 £’000 | 2019 £'000 | 2020 £'000 | 2021 £'000 | 2022 £'000 | |
|---|---|---|---|---|---|
| Revenue | 156,291 | 140,015 | 178,016 | 154,096 | 167,494 |
| EBITDA (see below) | 26,404 | 16,246 | 30,101 | 18,679 | 23,365 |
| Operating profit | |||||
| Adjusted* | 16,040 | (4,676) | 5,386 | (6,454) | (3,557) |
| Reported | 8,660 | (18,802) | (5,517) | (19,978) | (72,976) |
| Profit after tax | |||||
| Adjusted* | 11,229 | (19,010) | 2,702 | (19,281) | (5,920) |
| Reported | 1,189 | (35,128) | (2,893) | (31,002) | (74,541) |
| Net cash flow from operations | |||||
| Before adjustments | 16,982 | 16,530 | 36,324 | 17,940 | 15,652 |
| Reported | 16,988 | 8,948 | 35,457 | 18,883 | 8,873 |
| Free cash flow** | |||||
| Before exceptional cash flows | (26,045) | (25,445) | 23,566 | (1,640) | 4,148 |
| Reported | (26,039) | (33,027) | 22,699 | (697) | (2,631) |
| Net cash/(debt) | 20,807 | (15,970) | 1,923 | (5,804) | (15,248) |
| Equity shareholders’ funds | 305,730 | 266,593 | 260,435 | 234,621 | 175,060 |
| Basic EPS – adjusted* | 1.44p | (2.46p) | 0.29p | (2.41p) | (0.74p) |
| Basic EPS – unadjusted | 0.13p | (4.51p) | (0.41p) | (3.87p) | (9.27p) |
| Diluted EPS – adjusted* | 1.38p | (2.46p) | 0.29p | (2.41p) | (0.74p) |
| Diluted EPS – unadjusted | 0.12p | (4.51p) | (0.41p) | (3.87p) | (9.27p) |
* 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:
| 2021 £'000 | 2022 £'000 | |
|---|---|---|
| (Loss)/profit after tax | (31,002) | (74,541) |
| Tax charge/ (credit) | 8,811 | (862) |
| Interest expense/ (income) | 2,213 | 2,427 |
| Share based payments | 1,691 | 332 |
| Loss/(profit) on disposal of PPE and intangibles | (77) | (688) |
| Adjusted items | 11,833 | 70,403 |
| Depreciation of property, plant and equipment | 13,309 | 14,529 |
| Depreciation of right of use assets | 3,854 | 3,981 |
| Amortisation of intangible fixed assets | 8,047 | 7,784 |
| Adjusted EBITDA | 18,679 | 23,365 |
Full details may be found in the Annual Report and Accounts 2022.