Consolidated and parent Company statement of cash flows

For the Year Ended 31 December 2017

 

 

 

2017

2016

 

£000

£000

Continuing operations

 

 

Revenue

319,015

235,930

Operating expenses

 

 

Collection activity costs

(117,638)

(70,261)

Other operating expenses

(88,344)

(65,615)

Total operating expenses

(205,982)

(135,876)

Operating profit

113,033

100,054

Finance income

9

813

Finance costs

(44,317)

(48,847)

Share of profit in associates

1,578

2,363

Underlying profit before tax

70,302

54,383

Taxation charge on underlying activities

(13,697)

(8,816)

Underlying profit after tax

56,606

45,567

Non-controlling interest

(44)

(1)

Underlying profit attributable to the owners of the Company

56,562

45,566

 

 

 

Underlying Basic EPS (£)

0.32

0.26

 

 

 

Underlying tax rate

19.5%

16.2%

 

 The below table shows an analysis of the differences between IFRS and underlying profits.

 

2017

2016

 

IFRS

Adjusting items

Underlying

IFRS

Adjusting items

Underlying

 

£000

£000

£000

£000

£000

£000

Collection activity costs

(118,468)

830

(117,638)

(70,261)

-

(70,261)

Other operating expenses

(94,603)

6,259

(88,344)

(70,637)

5,022

(65,615)

Finance costs

(71,669)

27,352

(44,317)

(66,841)

17,994

(48,847)

 

 

 

 

 

 

 

Collection activity cost adjusting items relate to One Arrow costs incurred during the year.

Within other operating expenses, adjusting items are £4,645,000 (2016: £nil) of One Arrow costs and £2,444,000 of costs incurred relating to the acquisitions of Zenith Services S.p.A. in Italy and the Mars Capital companies in the UK and Ireland. In the year to 31 December 2016 £5,022,000 of costs were incurred relating to the completion of two acquisitions, Vesting in the Netherlands, Redrock in Portugal and the agreed acquisition of Zenith.