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Five-year P&L summary
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Five-year P&L summary

Financial highlights

As restated* 2012
£m
2013
£m
2014
£m
2015
£m
2016
£m
Revenue
Aerospace & Infrastructure 226.6 230.4 198.6 193.2 204.7
Communications & Security 268.9 237.7 224.4 239.3 259.0
Maritime & Land 265.3 277.1 290.7 293.8 322.1
Total revenue 760.8 745.2 713.7 726.3 785.8
Underlying operating profit1
Aerospace & Infrastructure 45.1 46.2 29.6 28.7 32.4
Communications & Security 32.9 27.5 37.0 40.4 39.7
Maritime & Land 43.8 48.0 51.5 50.9 50.9
Total underlying operating profit1 121.8 121.7 118.1 120.0 131.1
Margin1 16.0% 16.3% 16.5% 16.5% 16.7%
Profit before tax 79.8 49.3 21.5 34.8 67.6
Profit after tax 61.3 38.2 6.5 25.0 58.3
Operating cash flow2 89.6 79.0 83.1 81.3 120.4
Free cash flow before dividends, acquisitions and financing3 57.4 43.8 51.2 43.1 86.0
Net debt at year-end4 (43.0) (42.2) (129.5) (295.6) (256.7)
Underlying earnings per share (p)5 125.5 127.1 123.1 123.9 134.6
Dividend per share (p) 40.0 42.2 44.3 46.1 47.8
Average employee numbers 4,430 4,274 4,787 4,843 4,466

1 Before acquisition-related costs, amortisation of intangibles arising on acquisition, the S3 programme, impairment charges and Oman contract termination and liquidation related costs.

2 Cash generated by operations, and dividends from associates less net capital expenditure, R&D and LTIP share purchases.

3 Free cash flow before dividends, acquisitions and financing has been adjusted to include the purchase of LTIP shares, which are included in financing activities.

4 Loans and overdrafts less cash and cash equivalents.

5 Before acquisition-related costs, amortisation of intangibles arising on acquisition, the S3 programme, impairment charges, fair value movement on derivative financial instruments, defined benefit pension interest charges and unwinding of discount on provisions.

*During the year the Group amended its internal organisation to better reflect the markets that the Group addresses so that business groupings better reflect its capabilities, evolving product offerings and market facing segments. As a result of this change the Group has re-assessed its reporting segments under IFRS 8. Previously results were reported as Aircraft & Vehicle Systems, Information & Power Systems and Tactical & Sonar Systems, they are now reported as Aerospace & Infrastructure, Communications & Security and Maritime & Land. Prior year comparatives have been restated as indicated.



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