Financial Results 2021



2020: £927.6m


Gross profit
2020: £74.6m


Underlying operating profit1
2020: £4.8m


Finance costs2

2020: £4.1m



Net cash/ (debt) (pre-IFRS16)3
2020: £(8.8)m



  • Gross profit +11.0%
  • Gross profit margin +0.8%pts to 8.8%
  • Conversion to Underlying operating profit improved to 12.4% (2020: 6.4%)
  • Underlying operating profit1 increased by 114.6% to £10.3m from £4.8m
  • Finance costs2 reduced to £2.4m (2020: £4.1m)
  • Net cash3 of £6.9m, up £15.7m reflecting equity raise of 46.4m, improved trading cash flow and cash collections, and after repayment of deferred VAT of £40.7m



  1. Underlying results exclude goodwill impairment, amortisation of intangible assets arising on business combinations, reorganisation costs and other non-underlying charges
  2. Excluding refinancing costs
  3. Presented on a pre-IFRS16 basis which excludes lease liabilities and also excludes refinancing costs