Financial Performance

Revenue Highlights: Continuing Operations

Group revenue
Group revenue increased by 13% to £178.2m (2018: £157.6m)

Organic revenue
Underlying organic revenue growth of 7%, on a constant currency basis

 Forward revenue
Invoiced forward revenue increased by 5% to £85m (2018: £81m)

Adjusted EBITDA(1)
increased by 38% to £44.6m (2018: £32.2m)

 Adjusted EBITDA margin(1)
of 25% (2018: 20%)

 Cash from operations
of £52.4m (2018: £25.1m)

 Final Dividend
of 10.0p per share (2018: 7.5p); total dividend of 15.0p per share, up 36% from the previous year (2018: 11.0p)

Statutory profit before tax
of £10.2m (2018: loss of £7.7m), which is inclusive of non-cash charges of £16.3m from amortisation of acquired intangibles, £11.0m share based payments and £1.4m of unrealised operating foreign exchange losses.

 Net debt(2)
of £55.3m (2018: £64.1m)

Note 1: Adjusted EBITDA: Earnings before interest, tax, depreciation and amortisation, unrealised operating exchange rate movements, impairment, share based payments, adjusted for costs associated with derivatives, acquisitions and restructuring of the Group. Adjusted EBITDA margin is defined as: Adjusted EBITDA as a percentage of revenue.

Note 2: Net Debt: Short and long-term borrowings less cash and cash equivalents.