Financial highlights

GAAP Measures

Revenue (£m)

Revenue highlights chart

Profit/(loss) for the year (£m)

Profit loss highlights chart

Basic EPS (pence) – all operations

Basic EPS highlights chart

Alternative Performance Measures1

Adjusted Operating Profit1 (£m)

Adjusted operating profit highlights chart

Cash Conversion (%)1

Cash conversion highlights chart

Basic adjusted EPS (pence)1

Operational highlights

  • Assurance division continues to achieve good revenue growth (+9.7%) and global headcount in the technical teams is now at the levels required to satisfy current demand
  • Escrow division revenues have decreased over the year (-2.8%), with North America up 10.7%, but UK down 6.5%. However, focused recruitment means sales teams enter the new financial year at full strength
  • New Cloud-resilience Escrow-as-a-Service (EaaS) offering, aimed at the fast-growing cloud software market, launched during spring 2019 with encouraging initial demand
  • Strong financial position with effective cash management reducing net debt1 below prior year to £20.2m, gearing equating to 8.7% (2018: 11.9%) and post year-end, a new £100m multi-currency revolving credit facility obtained to June 2024 on similar terms to previous facility
  • Comprehensive systems upgrade programme continues on time and within budget
  1. See note 3 for an explanation of Alternative Performance Measures (APMs) and adjusting items. See note 3 for a reconciliation to statutory information.
  2. See note 1 for further details on the restatement of comparative information due to the retrospective application of IFRS 15.
  3. Comparative periods 2015 to 2017 have not been restated for IFRS 15.