Financial Highlights

Revenue
EBITDA
Adjusted Earnings per Share
Dividend per Share

*

* The Group has proposed a final dividend of 9.0c per share in respect of 2021 to be paid during 2022.

David Ledwidge portrait

Notwithstanding the continuing challenges posed by the Covid-19 pandemic in 2021, the Group maintained a strong liquidity position, generating free cash flow before strategic capital expenditure of €43.3m and a covenanted net debt to EBITDA ratio of 2.6x.

David Ledwidge, Chief Financial Officer, 2021 Annual Report

Five year summary

Summary extract of Income Statement

2021

2020

20193

2018

2017

€m

€m

€m

€m

€m

Revenue

334.5

277.1

357.4

330.2

335.1

Operating expenses and employee benefits expense

(282.2)

(235.0)

(270.6)

(261.8)

(254.1)

Depreciation, impairment and amortisation

(52.5)

(41.3)

(36.8)

(22.1)

(20.7)

(0.2)

0.8

50.0

46.3

60.3

Non-trading items 1

-

(11.2)

14.9

13.7

28.7

Interest (net)

(3.9)

(7.6)

(3.4)

(0.8)

(1.3)

(Loss) / profit before taxation

(4.1)

(18.0)

61.5

59.2

87.7

Taxation

(0.8)

(1.0)

(1.3)

(1.4)

(4.4)

(Loss) / profit for the year

(4.9)

(19.0)

60.2

57.8

83.3

EBITDA

52.3

42.1

86.8

68.4

81.0

Per share information:

€cent

€cent

€cent

€cent

€cent

Earnings per share

-Basic

(2.6)

(10.2)

31.7

30.4

44.1

-Adjusted basic2

(2.7)

(4.3)

23.8

23.1

31.0

Dividend per share

-

-

4.42

12.77

12.16

Shares in issue at year end:

m

m

m

m

m

-At year end

182.8

187.0

187.4

190.3

189.9

-Average during the year

186.7

187.0

189.8

190.0

188.8

1. Non-trading items are material non-recurring items that derive from events or transactions that fall outside the ordinary activities of the Group and which individually, or, if of a similar type, in aggregate, are separately disclosed by virtue of their size or incidence.

2. Adjusted basic earnings per share exclude pension interest and non-trading items.

3. The figures for years prior to 2019 have not been restated for the effects of IFRS 16 which was adopted with effect 1 January 2019. The effect on the Consolidated Income Statement for financial year 2019 was to decrease operating expenses by €9.4 million, increase depreciation charges by €8.6 million, increase interest expenses by €1.0 million and a net reduction in profit after tax of €0.2 million. The effect on the Consolidated Statement of Financial Position was to increase assets by €35.3 million and liabilities by €35.5 million and reduce retained earnings by €0.2 million.

Summary extract of Statement of Financial Position

2021

2020

20193

2018

2017

€m

€m

€m

€m

€m

Property, plant and equipment, right-of-use and intangible assets

387.3

353.0

353.5

308.1

250.0

Retirement benefit surplus

6.7

1.0

12.5

2.5

8.1

Other assets

117.9

224.9

225.8

203.7

135.2

Total assets

511.9

578.9

591.8

514.3

393.3

Equity capital and reserves

249.7

265.9

287.9

252.9

223.8

Retirement benefit obligation

1.4

2.2

3.7

4.2

3.4

Other non-current liabilities

154.8

141.6

229.3

205.7

51.5

Current liabilities

106.0

169.2

70.9

51.5

114.6

Total equity and liabilities

511.9

578.9

591.8

514.3

393.3

Summary extract of Consolidated
Statement of Cash Flows

Net cash inflow from operating activities

56.8

46.1

84.8

61.5

71.8

Net cash (outflow) / inflow from investing activities

(52.7)

7.8

(52.3)

(158.8)

27.7

Net cash (outflow) / inflow from financing activities

(116.4)

(14.4)

(46.5)

131.4

(51.3)

Cash and cash equivalents at the beginning of the year

150.4

110.9

124.7

90.3

42.2

Effect of foreign exchange rate changes

0.4

-

0.2

0.3

(0.1)

Closing cash and cash equivalents

38.5

150.4

110.9

124.7

90.3

€m

€m

€m

€m

€m

Net (debt) / cash

(142.2)

(88.5)

(129.0)

(80.3)

39.6

Times

Times

Times

Times

Times

Net debt / EBITDA

2.6x

2.1x

1.5x

1.2x

N/A

Gearing (net debt as a percentage of shareholders’ funds)

57%

33%

45%

32%

N/A

3. The figures for years prior to 2019 have not been restated for the effects of IFRS 16 which was adopted with effect 1 January 2019. The effect on the Consolidated Income Statement for financial year 2019 was to decrease operating expenses by €9.4 million, increase depreciation charges by €8.6 million, increase interest expenses by €1.0 million and a net reduction in profit after tax of €0.2 million. The effect on the Consolidated Statement of Financial Position was to increase assets by €35.3 million and liabilities by €35.5 million and reduce retained earnings by €0.2 million.