Annual Overview

2018  £’0002019
£'000
2020
£'000
2021
£'000
2022
£'000
Revenue156,291140,015178,016154,096167,494
EBITDA (see below)26,40416,24630,10118,67923,365
Operating profit
Adjusted*16,040(4,676)5,386(6,454)(3,557)
Reported8,660(18,802)(5,517)(19,978)(72,976)
Profit after tax
Adjusted*11,229(19,010)2,702(19,281)(5,920)
Reported1,189(35,128)(2,893)(31,002)(74,541)
Net cash flow from operations
Before adjustments16,98216,53036,32417,94015,652
Reported16,9888,94835,45718,8838,873
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’ funds305,730266,593260,435234,621175,060
Basic EPS – adjusted*1.44p(2.46p)0.29p(2.41p)(0.74p)
Basic EPS – unadjusted0.13p(4.51p)(0.41p)(3.87p)(9.27p)
Diluted EPS – adjusted*1.38p(2.46p)0.29p(2.41p)(0.74p)
Diluted EPS – unadjusted0.12p(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)2,2132,427
Share based payments1,691332
Loss/(profit) on disposal of PPE and intangibles(77)(688)
Adjusted items11,83370,403
Depreciation of property, plant and equipment13,30914,529
Depreciation of right of use assets3,8543,981
Amortisation of intangible fixed assets8,0477,784
Adjusted EBITDA18,67923,365

Full details may be found in the Annual Report and Accounts 2022.