1 These measures constitute Alternative Performance Measures (‘APMs’), as defined in note 31 to the Financial Statements.
2 Leverage is defined as: Adjusted net debt/enlarged Group EBITDA, calculated using pro forma EBITDA on a trailing 12-month basis for acquired entities, in line with our banking covenants.
3 Basis points
Five Year Summary
| Year ended 31 December 2019 £m | Year ended 31 December 2020 £m | Year ended 31 December 2021 £m | Year ended 31 December 2022 £m | Year ended 31 December 2023 £m | |
| Revenue | 135.6 | 129.8 | 163.2 | 167.4 | 180.7 |
| Operating profit before non-underlying items | 37.4 | 36.8 | 45.6 | 35.7 | 41.9 |
| Non-underlying operating items | (1.8) | (20.5) | (24.0) | (53.4) | (80.3) |
| Operating profit | 35.6 | 16.3 | 21.6 | (17.7) | (38.4) |
| Profit before tax before non-underlying items | 32.9 | 33.5 | 42.2 | 30.3 | 31.5 |
| Profit before tax after non-underlying items | 31.1 | 13.0 | 18.2 | (23.1) | (48.8) |
| Intangible assets | 328.7 | 412.9 | 413.8 | 393.4 | 300.0 |
| Tangible assets | 11.6 | 15.9 | 4.8 | 5.6 | 5.7 |
| Current assets | 65.0 | 77.2 | 81.0 | 105.5 | 104.1 |
| Current liabilities | 24.2 | 30.2 | 40.6 | 47.0 | 40.6 |
| Equity | 274.2 | 281.0 | 282.5 | 265.5 | 217.9 |
| Average shares in issue (millions) | 520.7 | 531.1 | 535.3 | 539.5 | 540.1 |
| Shares in issue at period end (millions) | 529.4 | 532.9 | 538.2 | 540.0 | 540.4 |
| Earnings per share – basic (p) | 4.80 | 1.51 | 1.37 | (3.93) | (6.13) |
| Earnings per share – adjusted underlying basic (p) | 5.09 | 5.11 | 6.39 | 4.28 | 4.55 |
* Non-IFRS alternative performance measures (see note 31). See-through revenue includes all sales from Nizoral as if they had been invoiced by Alliance as principal. For statutory accounting purposes the product margin on Nizoral sales made on an agency basis is included within Revenue, in line with IFRS 15.