Annual Overview

2019
£'000
2020
£'000
2021
£'000
2022
£'000
2023
£'000
Revenue140,015178,016154,096167,494115,252
EBITDA (see below)16,24630,10118,67923,3654,313
Operating profit
Adjusted*(4,676)5,386(6,454)(3,557)(20,199)
Reported(18,802)(5,517)(19,978)(72,976)(25,779)
Profit after tax
Adjusted*(19,010)2,702(19,281)(5,920)(23,990)
Reported(35,128)(2,893)(31,002)(74,541)(29,378)
Net cash flow from operations
Before adjustments16,53036,32417,94015,65215,744
Reported8,94835,45718,8838,87310,074
Free cash flow**
Before exceptional cash flows(25,445)23,566(1,640)4,148(3,128)
Reported(33,027)22,699(697)(2,631)(8,798)
Net cash/(debt)(15,970)1,923(5,804)(15,248)(2,228)
Equity shareholders’ funds266,593260,435234,621175,060169,785
Basic EPS – adjusted*(2.46p)0.29p(2.41p)(0.74p)(2.68p)
Basic EPS – unadjusted(4.51p)(0.41p)(3.87p)(9.27p)(3.28p)
Diluted EPS – adjusted*(2.46p)0.29p(2.41p)(0.74p)(2.68p)
Diluted EPS – unadjusted(4.51p)(0.41p)(3.87p)(9.27p)(3.28p)

* 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:

2022
£'000
2023
£'000
(Loss)/profit after tax(74,541)(29,378)
Tax charge/ (credit)(862)567
Interest expense/ (income)2,4273,032
Share based payments3322,565
Loss/(profit) on disposal of PPE and intangibles(688)(152)
Adjusted items70,4033,015
Depreciation of property, plant and equipment14,52913,186
Depreciation of right of use assets3,9813,790
Amortisation of intangible fixed assets7,7847,688
Adjusted EBITDA23,3654,313

Full details may be found in the Annual Report and Accounts 2023.