Business Review
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Operating performance and
key performance indicators
Operating performance
|
2009 |
2008 |
| Revenue |
£974.6m |
£924.8m |
| Gross margin |
49.5% |
50.2% |
| Contribution |
£200.2m |
£203.2m |
| Group Process costs |
(£106.6)m |
(£99.5)m |
| Headline operating profit |
£93.6m |
£103.7m |
| Interest (net) |
(£7.0)m |
(£7.3)m |
| Headline profit before tax |
£86.6m |
£96.4m |
| Free cash flow |
£78.0m |
£75.0m |
| Headline earnings per share |
13.6p |
14.8p |
| Dividend per share |
11.0p |
18.4p |
Key performance indicators
|
2009 |
2008 |
| Group sales growth(1) |
(5.3)% |
5.4% |
| International(1) |
(4.5)% |
8.4% |
| UK(1) |
(6.7)% |
0.9% |
| e‑Commerce revenue share |
36% |
31% |
| Headline Group return on sales(2) |
9.6% |
11.2% |
| Headline ROCE(3) |
18.5% |
24.0% |
| Stock turn (per year) |
2.7x |
2.9x |
| Revenue per head(4) (£’000) |
162 |
165 |
| Number of customers (millions) |
1.5 |
1.5 |
| Net debt to headline EBITDA |
1.7x |
1.2x |
| Interest cover |
13.4x |
14.2x |
