Five year financial summary

  2018 £'000 2017  £’000 2016 £’000 2015 £’000 2014 £’000
Revenue 156,291 154,553 132,707 114,024 112,011
EBITDA (see below) 26,404 37,152 31,730 29,001 27,009
Operating profit          
Adjusted* 16,040 26,534 22,119 18,977 17,618
Reported 8,660 17,194 19,826 21,166 7,167
Profit after tax          
Adjusted* 11,229 24,998 20,692 17,045 15,496
Reported 1,189 14,660 18,023 17,847 791
Net cash flow from operations          
Before adjustments 16,982 31,089 24,281 22,575 19,614
Reported 16,988 29,717 22,463 20,971 14,861
Free cash flow**          
Before exceptional cash flows (26,045) (2,945) 4,382 12,114 11,446
Reported (26,039) (4,317) 2,564 10,510 6,693
Net cash/(debt) 20,807 45,612 (39,549) (23,223) (31,251)
Equity shareholders’ funds 305,730 287,950 184,666 142,299 117,851
Basic EPS – adjusted* 1.44p 3.61p 3.06p 2.53p 2.32p
Basic EPS – unadjusted 0.13p 2.11p 2.66p 2.65p 0.06p
Diluted EPS – adjusted* 1.38p 3.38p 2.89p 2.45p 2.24p
Diluted EPS – unadjusted 0.12p 1.98p 2.52p 2.56p 0.06p

* 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:

 

2018
£'000
2017 
£‘000
2016 
£‘000
2015 
£‘000
2014 
£‘000
Profit after tax 1,189 14,660 18,023 17,847 791
Tax 5,558 435 340 248 4,452
Interest (87) 2,099 1,463 1,790 1,924
Share based payments (1,044)  7,526 2,881 2,001 1,458
Profit & loss on disposal   22 47 (5,187) 15
Exceptional items 7,906 385 (1,962) 1,070 7,877
Depreciation 6,773 5,637 5,561 6,192 6,590
Amortisation of intangible assets 6,109 6,388 5,377 5,040 3,902
EBITDA 26,404 37,152 31,730 29,001 27,009

Full details may be found in the latest full-year annual report and accounts, available on this website.