Financial Highlights
Underlying, before exceptional and acquisition related items
(including PVM since acquisition on 26 November 2014)
· Revenue £703.5m (2013: £803.7m)
· Operating profit £100.7m (2013: £115.4m)
· Operating margin 14.3% (2013: 14.4%)
· Profit before tax £86.6m (2013: £99.6m)
· Basic EPS 32.3p (2013: 36.0p)
Reported, after exceptional and acquisition related items
(including PVM since acquisition)
· Profit before tax £33.5m (2013: £84.4m)
· Basic EPS 11.2p (2013: 30.1p)
A table showing Underlying and Reported figures for each year, detailing the exceptional and acquisition related items, is included in the Financial Review.
Pro forma Underlying (including PVM for the full year 2014)
· Revenue £772.2m
· Operating profit £112.1m
· Operating margin 14.5%
· Basic EPS 32.8p
Dividend
The Board is recommending an unchanged final dividend of 11.25p per share, making the total dividend for the year 16.85p per share, unchanged from that paid for 2013. The final dividend will be payable on 14 May 2015 to shareholders on the register at close of business on 24 April 2015.
The Board has considered whether the settlement money from BGC should be returned to shareholders or retained to fund business developments, including acquisitions. In the light of the opportunities to invest in products and services to facilitate our clients' strategies that would further strengthen our business and earn an attractive return on capital, the Board has decided that the funds should be retained for those purposes. The Board does not have any intention to hold capital in excess of the Company's regulatory and business development requirements.
