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Notes to the condensed financial statements
9. Non-GAAP measures
Organic growth
Organic growth measures the change in revenue and profit from continuing Group operations. The effect of acquisitions made during the current or prior financial period has been equalised by subtracting from the current period results a pro-rated contribution based on their revenue and profit at the date of acquisition.
| Unaudited 26 weeks to 27 September 2008 £000 |
Unaudited 26 weeks to 29 September 2007 £000 |
Audited 52 weeks to 29 March 2008 £000 |
|
| Return on capital employed | |||
| Operating profit from continuing operations before amortisation
of acquired intangibles |
40,859 | 34,105 | 74,923 |
| Operating profit from discontinued operations in prior period
before amortisation of acquired intangibles |
– | 205 | – |
| Operating return | 40,859 | 34,310 | 74,923 |
| Computer software costs within intangible assets | 2,521 | 1,675 | 1,911 |
| Capitalised development costs within intangible assets | 8,784 | 7,380 | 8,240 |
| Property, plant and equipment | 59,930 | 50,287 | 57,452 |
| Inventories | 47,879 | 39,789 | 44,267 |
| Trade and other receivables | 98,366 | 81,225 | 99,741 |
| Trade and other payables | (62,928) | (55,935) | (69,420) |
| Tax liabilities | (10,977) | (9,936) | (8,273) |
| Non-current trade and other payables | (2,670) | (2,538) | (2,874) |
| Add back retirement benefit accruals included within payables | 1,595 | 2,579 | 2,087 |
| Add back accrued deferred purchase consideration | 603 | 2,830 | 1,189 |
| Capital employed | 143,103 | 117,356 | 134,320 |
| Return on capital employed (annualised) | 57.1% | 58.5% | 55.8% |
| Return on total invested capital | |||
| Post-tax profit from continuing operations before amortisation of acquired intangibles | 28,094 | 23,380 | 51,678 |
| Post-tax profit from discontinued operations in prior period
before amortisation of acquired intangibles |
– | 133 | – |
| Return | 28,094 | 23,513 | 51,678 |
| Total shareholders’ funds | 243,244 | 213,093 | 239,104 |
| Add back retirement benefit accruals included within payables | 1,595 | 2,579 | 2,087 |
| Add back retirement benefit obligations | 48,804 | 34,703 | 35,957 |
| Less associated deferred tax assets | (13,665) | (9,717) | (10,069) |
| Cumulative amortisation of acquired intangible assets | 13,597 | 7,316 | 10,112 |
| Goodwill on disposals | 5,441 | 5,441 | 5,441 |
| Goodwill amortised prior to 3 April 2004 | 13,177 | 13,177 | 13,177 |
| Goodwill taken to reserves prior to 28 March 1998 | 70,931 | 70,931 | 70,931 |
| Total invested capital | 383,124 | 337,523 | 366,740 |
| Return on total invested capital (annualised) | 14.7% | 13.9% | 14.1% |
