Five Year Record

Underlying Summary Group P&L (Last Updated: January 2019)

	2018 (£'m)	2017 (£'m)	2016 (£'m)	2015 (£'m)	2014 (£'m)
Revenue	143.9	129.9	115.4	104.8	97.9
Underlying costs	(61.0)	(55.5)	(49.7)	(46.2)	(43.6)
Underlying EBITDA	82.9	74.4	65.7	58.6	54.3
EBITDA margin	57.6%	57.3%	56.9%	55.9	55.5%
Leasehold rent	(11.2)	(10.3)	(8.8)	(9.0)	(10.3)
Underlying EBITDA after leasehold rent	71.7	64.1	56.9	49.6	44.0
EBITDA after leasehold rent margin	49.8%	49.3%	49.3%	47.3%	44.9%
Depreciation	(0.6)	(0.5)	(0.4)	(0.4)	(0.5)
Finance charges	(8.4)	(9.4)	(10.1)	(11.4)	(13.7)
Underlying profit before tax	62.7	54.2	46.4	37.8	29.8
Current tax	(4.7)	(4.0)	(3.7)	(1.8)	(1.2)
Adjusted EPRA earnings	58.0	50.2	42.7	36.0	28.6
Share-based payments charge	(5.3)	(1.5)	(1.5)	(1.5)	(1.3)
EPRA basic earnings	52.7	48.7	41.2	34.5	27.3


	2018 (p)	2017 (p)	2016 (p)	2015 (p)	2014 (p)
Dividend per share	16.25	14.00	11.65	9.65	7.45
Cash tax earning per share	26.8	23.2	19.8	16.7	13.6
Average shares in issue (m)	216.7	216.7	216.2	216.1	211.0