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Condensed financial statements

Notes to the condensed financial statements

  1. Segmental analysis
  2. Basis of preparation
  3. Taxation
  4. Earnings per ordinary share
  5. Ordinary dividends
  6. Notes to the consolidated cash flow statement
  7. Non-GAAP measures
  8. Other matters
  9. Responsibility statement

7 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
29 September
2007
£000		 Unaudited
26 weeks to
30 September
2006
£000		 Audited
52 weeks to
31 March
2007
£000
Return on capital employed
Operating profit from continuing operations before
amortisation of acquired intangibles		 34,310 31,469 67,920
Operating return 34,310 31,469 67,920
Computer software costs within intangible assets 1,675 1,343 1,577
Capitalised development costs within intangible assets 7,380 4,592 6,115
Property, plant and equipment 50,287 48,854 49,580
Inventories 39,789 37,385 39,134
Trade and other receivables 81,225 71,185 81,650
Trade and other payables (55,935) (51,604) (62,590)
Tax liabilities (9,936) (7,762) (6,043)
Non-current trade and other payables (2,538) (3,285) (3,005)
Add back retirement benefit accruals included within payables 2,579 3,803 3,071
Add back deferred purchase consideration 2,830 2,237 3,559
Capital employed 117,356 106,748 113,048
Return on capital employed (annualised) 58.5% 59.0% 60.1%
Return on total invested capital
Profit from continuing operations before amortisation of
acquired intangibles after taxation		 23,513 21,230 46,404
Return 23,513 21,230 46,404
Total shareholders' funds 213,093 187,942 206,608
Add back retirement benefit accruals included within payables 2,579 3,803 3,071
Add back retirement benefit obligations 34,703 48,499 37,260
Less associated deferred tax assets (9,717) (14,550) (11,178)
Cumulative amortisation of acquired intangible assets 7,316 3,342 5,348
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 337,523 318,585 330,658
Return on total invested capital (annualised) 13.9% 13.3% 14.0%