REG - Halma PLC - Final Results <Origin Href="QuoteRef">HLMA.L</Origin> - Part 5
13/06/2017 07:05
- Part 5: For the preceding part double click ID:nRSM8716Hd
2 April 2016
Acquisition items
Amortisationof acquiredintangible assets £000 Transactioncosts Adjustmentsto contingentconsideration Release offair valueadjustmentsto inventory £000 Totalamortisationcharge andacquisitionitems £000 Disposal ofoperationsand restructuring (note 9)£000 Total£000
£000 £000
Process Safety (3,462) - - - (3,462) - (3,462)
Infrastructure Safety (2,398) (1,101) (827) (842) (5,168) (34) (5,202)
Medical (13,018) (2,926) (826) (768) (17,538) 590 (16,948)
Environmental & Analysis (4,225) - 111 - (4,114) - (4,114)
Total Segment & Group (23,103) (4,027) (1,542) (1,610) (30,282) 556 (29,726)
The transaction costs arose mainly on the acquisitions of VAS, Firetrace USA, LLC (Firetrace), Visiometrics, and CenTrak.The £827,000 charge in the Infrastructure Safety sector related to a revision in the estimate of the remaining contingent consideration payable on Advanced Electronics Limited (Advanced). The £826,000 charge in the Medical sector related to exchange differences arising on the revaluation of Visiometric's contingent consideration which is denominated in Euros. The remaining £111,000 credit
to contingent consideration related to a revision in the estimate of the remaining payable on a prior year acquisition (ASL) from £197,000 to £86,000. The release of fair value adjustments to inventory arose from revaluing the inventories of Firetrace and CenTrak at acquisition. The £590,000 profit on disposal in the Medical sector relates to the disposal of 8.8% of the Group's ownership interest in Optomed Oy (Optomed).
Geographic information The Group's revenue from external customers (by location of customer) is detailed below:
Revenue by destination
52 weeks to 1 April2017 53 weeks to2 April2016
£000 £000
United States of America 345,295 272,933
Mainland Europe 210,342 179,290
United Kingdom 154,920 144,821
Asia Pacific 151,626 124,992
Africa, Near and Middle East 60,765 55,712
Other countries 38,714 30,057
961,662 807,805
3 Finance income
52 weeks to 1 April2017 53 weeks to2 April2016
£000 £000
Interest receivable 211 217
Fair value movement on derivative financial instruments 283 -
494 217
4 Finance expense 52 weeks to 1 April2017 53 weeks to2 April2016
£000 £000
Interest payable on borrowings 6,977 4,104
Amortisation of finance costs 1,040 561
Net interest charge on pension plan liabilities 1,553 2,013
Other interest payable 126 45
9,696 6,723
Fair value movement on derivative financial instruments 53 508
Unwinding of discount on provisions 31 38
9,780 7,269
5 Taxation 52 weeks to 1 April2017 53 weeks to2 April2016
£000 £000
Current tax
UK corporation tax at 20% (2016: 20%) 9,282 9,093
Overseas taxation 27,525 25,014
Adjustments in respect of prior years (2,041) (3,422)
Total current tax charge 34,766 30,685
Deferred tax
Origination and reversal of timing differences (7,365) (4,833)
Adjustments in respect of prior years 613 1,595
Total deferred tax credit (6,752) (3,238)
Total tax charge recognised in the Consolidated Income Statement 28,014 27,447
Reconciliation of the effective tax rate:
Profit before tax 157,703 136,288
Tax at the UK corporation tax rate of 20% (2016: 20%) 31,541 27,258
Overseas tax rate differences 9,230 9,970
Effect of intra-group financing (6,095) (3,062)
Tax incentives, exemptions and credits (including patent box, R&D and High-Tech status) (3,461) (2,902)
Permanent differences (1,773) (1,990)
Adjustments in respect of prior years (1,428) (1,827)
28,014 27,447
Effective tax rate 17.8% 20.1%
52 weeks to 1 April2017 53 weeks to2 April2016
£000 £000
Adjusted* profit before tax 194,004 166,014
Total tax charge on adjusted* profit 41,734 36,373
Effective tax rate 21.5% 21.9%
* Adjustments include the amortisation and impairment of acquired intangible assets; acquisition items; restructuring costs; and profit or loss on disposal of
operations. The Group's future Effective Tax Rate (ETR) will mainly depend on the geographic mix of profits and whether there are any changes to tax legislation in the
Group's most significant countries of operations. Phased reductions in the UK corporation tax rate to 19% (from 1 April 2017) and 17% (from 1 April 2020) have been
substantively enacted which we would expect to impact the ETR in due course. In the US, proposed tax reform measures include a reduction in the US corporate income tax
rate from 35% to as low as 15%. The US rate change is a proposal only at this stage and the Group is actively monitoring developments to evaluate its potential impact. No
reliable estimate of the impact of these tax reform proposals can be made at this time. The Group does not expect the future rate to be materially impacted by the changes
to the international tax landscape resulting from the package of measures developed under the OECD Base Erosion and Profit Shifting project and the investigations and
proposals of the European Commission.
6 Earnings per ordinary share Basic and diluted earnings per ordinary share are calculated using the weighted average of 378,685,730 shares in issue during the year (net of shares purchased by the Company and held as Own shares) (2016: 378,412,359). There are no dilutive or potentially dilutive ordinary shares.Adjusted earnings are calculated as earnings from continuing operations excluding the amortisation and impairment of acquired intangible assets; acquisition items; restructuring costs; profit or loss
on disposal of operations; and the associated taxation thereon. The Directors consider that adjusted earnings, which constitute a non-GAAP measure, represent a more consistent measure of underlying performance. A reconciliation of earnings and the effect on basic and diluted earnings per share figures is as follows:
Per ordinary share
52 weeks to 1 April 2017 53 weeks to 2 April2016 52 weeks to 1 April 2017 53 weeks to2 April2016
£000 £000 pence pence
Earnings from continuing operations 129,689 108,841 34.25 28.76
Amortisation of acquired intangible assets (after tax) 21,452 16,102 5.66 4.26
Impairment of acquired intangible assets (after tax) 9,322 - 2.46 -
Acquisition transaction costs (after tax) 240 2,941 0.06 0.78
Release of fair value adjustments to inventory (after tax) 569 998 0.15 0.26
Adjustments to contingent consideration (after tax) (10,650) 1,315 (2.81) 0.35
Disposal of operations and restructuring (after tax) 1,648 (556) 0.44 (0.15)
Adjusted earnings 152,270 129,641 40.21 34.26
7 Dividends Per ordinary share
52 weeks to 1 April 2017 53 weeks to2 April2016 52 weeks to 1 April 2017 53 weeks to 2 April2016
pence pence £000 £000
Amounts recognised as distributions to shareholders in the year
Final dividend for the year to 2 April 2016 (28 March 2015) 7.83 7.31 29,605 27,629
Interim dividend for the year to 1 April 2017 (2 April 2016) 5.33 4.98 20,183 18,844
13.16 12.29 49,788 46,473
Dividends declared in respect of the year
Interim dividend for the year to 1 April 2017 (2 April 2016) 5.33 4.98 20,183 18,844
Proposed final dividend for the year to 1 April 2017 (2 April 2016) 8.38 7.83 31,733 29,605
13.71 12.81 51,916 48,449
The proposed final dividend is subject to approval by shareholders at the Annual General Meeting on 20 July 2017 and has not been included as a liability in these financial statements.The Company offers a Dividend Reinvestment Plan ('DRIP') to enable shareholders to elect to have their cash dividends reinvested in Halma shares. Shareholders who wish to elect for the DRIP for the forthcoming final dividend, but have not already done so, should return a DRIP mandate form to the Company's Registrars no later
than 26 July 2017.
8 Acquisitions In accounting for acquisitions, adjustments are made to the book values of the net assets of the companies acquired to reflect their fair values to the Group. Acquired inventories are valued at fair value adopting Group bases and any liabilities for warranties relating to past trading are recognised. Other previously unrecognised assets and liabilities at acquisition are included and accounting policies are aligned with those of the Group where appropriate.Below are summaries of the assets
acquired and liabilities assumed and the purchase consideration of:a) the total of FluxData Inc. and adjustments to prior year acquisitions;b) FluxData Inc., on a stand-alone basis;c) the adjustments to prior year acquisitions, on a stand-alone basis; andd) the total of FluxData Inc. and adjustments to prior year acquisitions, allocated between restated and not restated.Due to their contractual dates, the fair value of receivables acquired (shown below) approximate to the gross contractual
amounts receivable. The amount of gross contractual receivables not expected to be recovered is immaterial. There are no material contingent liabilities recognised in accordance with paragraph 23 of IFRS 3 (revised).The combined fair value adjustments made for the acquisition of FluxData and for prior year acquisitions within the goodwill measurement window under IFRS 3, excluding acquired intangible assets recognised and deferred tax thereon, resulted in net adjustments to goodwill of negative £541,000.As
at the date of approval of the financial statements, the acquisition accounting for all prior year acquisitions is complete. The accounting for FluxData is provisional; relating to finalisation of the valuation of acquired intangibles and the initial consideration, which is subject to agreement of the net tangible asset adjustment.
a) Total of FluxData Inc. and adjustments to prior year acquisitions Total
£000
Non-current assets
Intangible assets 17,366
Property, plant and equipment 217
Current assets
Inventories 340
Trade and other receivables 512
Total assets 18,435
Current liabilities
Trade and other payables (464)
Provisions (453)
Non-current liabilities
Provisions (834)
Deferred tax (1,016)
Total liabilities (2,767)
Net assets of businesses acquired 15,668
Initial cash consideration paid 9,878
Initial cash consideration payable* 77
Initial consideration adjustment on prior year acquisitions (555)
Contingent purchase consideration estimated to be paid (FluxData) 9,407
Total consideration 18,807
Goodwill arising on acquisitions (current year & prior year (not restated)) 5,273
Goodwill arising on prior year acquisitions (restated) (2,134)
Total goodwill 3,139
* Estimate in respect of net tangible asset adjustments.
Analysis of cash outflow in the Consolidated Cash Flow Statement 52 weeks to 1 April2017 53 weeks to2 April2016
£000 £000
Initial cash consideration paid 9,878 187,601
Cash acquired on acquisitions - (1,830)
Initial cash consideration adjustment on prior year acquisitions (496) -
Contingent consideration paid in relation to current year acquisitions - 6,558
Contingent consideration paid and loan notes repaid in cash in relation to prior year acquisitions* 590 10,246
Net cash outflow relating to acquisitions (per Consolidated Cash Flow Statement) 9,972 202,575
* The £590,000 comprises £241,000 loan notes and £349,000 contingent consideration paid in respect of prior period acquisitions all of which had been provided in the prior period's financial statements.
b) FluxData Inc. Total
£000
Non-current assets
Intangible assets 13,515
Property, plant and equipment 217
Current assets
Inventories 456
Trade and other receivables 711
Total assets 14,899
Current liabilities
Trade and other payables (458)
Provisions (21)
Total liabilities (479)
Net assets of businesses acquired 14,420
Initial cash consideration paid 9,878
Additional cash consideration payable* 77
Contingent purchase consideration estimated to be paid 9,407
Total consideration 19,362
Goodwill arising on acquisition 4,942
* Estimate in respect of net tangible asset adjustments.
The Group acquired the entire share capital of FluxData Inc. on 6 January 2017 for an initial cash consideration of US$12,000,000 (£9,878,000). The maximum contingent consideration payable is US$15,500,000 (£12,759,000). The current provision of US$11,428,000 (£9,407,000) represents the fair value of the estimated payable based on performance to date and the expectation of future cash flows. The earn out is payable on gross margin in excess of a target threshold for the period ending March 2017 and then
annually until March 2019. FluxData designs and manufactures advanced multispectral and digital imaging systems across multiple sectors including industrial and medical applications. Based in New York State, USA, it has become part of the Environmental & Analysis sector, building on the existing multispectral imaging capabilities within those companies. Existing management will remain in place.The excess of the fair value of the consideration paid over the fair value of the assets acquired is represented by
customer related intangibles of £7,240,000; and technology related intangibles of £6,250,000; with residual goodwill arising of £4,942,000. The goodwill represents: a) the technical expertise of the acquired workforce;b) the ability to exploit the Group's existing customer base; and c) the opportunity to leverage the technical expertise across Halma's businesses and through new products.The FluxData acquisition contributed £1,017,000 of revenue and £213,000 of profit after tax for the year ended 1
April 2017. If this acquisition had been held since the start of the financial year, it is estimated that the Group's reported revenue and profit after tax would have been £3,518,000 and £928,000 higher respectively.£17,798,000 of goodwill arising on the FluxData acquisition is expected to be deductible for tax purposes.
c) Adjustments to prior year acquisitions Total
£000
Non-current assets
Intangible assets 3,851
Current assets
Inventories (116)
Trade and other receivables (199)
Total assets 3,536
Current liabilities
Trade and other payables (6)
Provisions (432)
Non-current liabilities
Provisions (834)
Deferred tax (1,016)
Total liabilities (2,288)
Net assets of businesses acquired 1,248
Initial cash consideration adjustment (555)
Goodwill arising on acquisition (1,803)
During the year adjustments were made to the fair values of acquired assets and liabilities included in the provisional accounting for the prior year acquisitions of Firetrace, Visiometrics and CenTrak.The provisional accounting was updated for the external valuation of the acquired intangibles of CenTrak which was incomplete at the prior year end, for changes to certain provisions and inventory valuations across all three acquisitions, and for adjustments to the related deferred tax balances. The initial
consideration for CenTrak was also adjusted following the finalisation of the working capital adjustment payable. The combined adjustments made for each acquisition resulted in a net adjustment to goodwill of £1,803,000. The net increase of £3,851,000 in intangible assets arising on the acquisition of CenTrak included a decrease in the technology asset by £7,198,000 and an increase in the customer relationship asset and trademark asset by £4,851,000 and £6,198,000 respectively.All adjustments to the
provisional accounting were made within the goodwill measurement period, relevant to each acquisition, as defined by IFRS 3 (revised) Business Combinations. As required by IFRS 3, comparatives have been restated to reflect the changes to the fair values of assets acquired and liabilities assumed for CenTrak which, totalling a net adjustment to goodwill of negative £2,134,000, are considered material, as if they'd occurred at the date of acquisition. The comparatives have not been restated for the non
-material changes to Firetrace and Visiometrics, totalling a net adjustment to goodwill of £331,000. The table below sets out the total assets acquired and liabilities assumed arising on current acquisitions and adjustments to prior year acquisitions split between those which have been treated as current year adjustments and those as prior year for which comparatives have been restated.
d) The total of FluxData Inc. and adjustments to prior year acquisitions, allocated between restated and not restated
Not restated£000 Restated£000 Total
£000
Non-current assets
Intangible assets 13,515 3,851 17,366
Property, plant and equipment 217 - 217
Current assets
Inventories 375 (35) 340
Trade and other receivables 554 (42) 512
Total assets 14,661 3,774 18,435
Current liabilities
Trade and other payables (464) - (464)
Provisions (105) (348) (453)
Non-current liabilities
Provisions - (834) (834)
Deferred Tax (15) (1,001) (1,016)
Total liabilities (584) (2,183) (2,767)
Net assets of businesses acquired 14,077 1,591 15,668
Initial cash consideration paid 9,878 - 9,878
Initial cash consideration payable* 77 - 77
Initial consideration adjustment on prior year acquisitions (12) (543) (555)
Contingent purchase consideration estimated to be paid (FluxData) 9,407 - 9,407
Total consideration 19,350 (543) 18,807
Goodwill arising on acquisition 5,273 (2,134) 3,139
* Estimate in respect of net tangible asset adjustments.
9 Disposal of operations and restructuring During the year the Group restructured non-core operations in its subsidiary, Pixelteq. The £1,910,000 loss on restructuring included in operating profit comprises fixed asset and inventory write downs and severance costs. The total profit on disposal of operations shown in the prior year of £556,000 comprises a charge of £34,000 related to the previous disposal of Monitor Elevator Products, Inc arising from a claim under the warranty arrangement, and £590,000
credit for the partial disposal of shares in the Group's associate, Optomed. The Group disposed of 9,176 shares in Optomed, representing 8.8% of its ownership interest in the associate. Consideration received was E1,236,000 (£907,000). Further details are provided on page 158 of the Annual Report and Accounts 2016.
9 Disposal of operations and restructuring
During the year the Group restructured non-core operations in its subsidiary, Pixelteq. The £1,910,000 loss on
restructuring included in operating profit comprises fixed asset and inventory write downs and severance costs. The total
profit on disposal of operations shown in the prior year of £556,000 comprises a charge of £34,000 related to the previous
disposal of Monitor Elevator Products, Inc arising from a claim under the warranty arrangement, and £590,000 credit for the
partial disposal of shares in the Group's associate, Optomed. The Group disposed of 9,176 shares in Optomed, representing
8.8% of its ownership interest in the associate. Consideration received was E1,236,000 (£907,000). Further details are
provided on page 158 of the Annual Report and Accounts 2016.
10 Notes to the Consolidated Cash Flow Statement 52 weeks to1 April 2017 53 weeks to2 April2016
£000 £000
Reconciliation of profit from operations to net cash inflow from operating activities:
Profit on continuing operations before finance income and expense, share of results of associate and profit on disposal of operations 167,070 142,943
Depreciation of property, plant and equipment 17,798 15,245
Amortisation of computer software 1,432 1,348
Amortisation of capitalised development costs and other intangibles 6,947 5,202
Impairment of intangibles 98 -
Amortisation of acquired intangible assets 31,469 23,103
Impairment of acquired intangible assets 12,429 -
Share-based payment expense in excess of amounts paid 1,880 1,899
Additional payments to pension plans (10,213) (7,728)
Loss on restructuring of operations 1,252 -
Loss/(profit) on sale of property, plant and equipment and computer software 138 (1,345)
Operating cash flows before movement in working capital 230,300 180,667
Increase in inventories (5,406) (4,809)
Increase in receivables (14,262) (8,786)
Increase in payables and provisions 5,750 7,844
Revision to estimate of, and exchange differences arising on, contingent consideration payable (10,701) 1,543
Cash generated from operations 205,681 176,459
Taxation paid (33,188) (27,186)
Net cash inflow from operating activities 172,493 149,273
52 weeks to1 April 2017 53 weeks to2 April2016
£000 £000
Analysis of cash and cash equivalents
Cash and bank balances 66,827 53,938
Overdrafts (included in current borrowings) (1,190) (4,412)
Cash and cash equivalents 65,637 49,526
At 2 April 2016 Reclass£000 Cash flow Loan notesrepaid£000 Exchange adjustments At 1 April 2017
£000 £000 £000 £000
Analysis of net debt
Cash and bank balances 53,938 - 9,043 - 3,846 66,827
Overdrafts (4,412) - 3,222 - - (1,190)
Cash and cash equivalents 49,526 - 12,265 - 3,846 65,637
Loan notes falling due within one year (336) (66) - 241 - (161)
Loan notes falling due after more than one year (172,112) 66 - - (9,111) (181,157)
Bank loans falling due after more than one year (123,796) - 54,761 - (11,726) (80,761)
Total net debt (246,718) - 67,026 241 (16,991) (196,442)
The net cash outflow from loan notes relates to £241,000 repayment of existing loan notes issued in relation to the previous acquisition of Advanced.
11 Non-GAAP measures The Board uses certain non-GAAP measures to help it effectively monitor the performance of the Group. These measures include Return on Total Invested Capital, Return on Capital Employed, Organic growth at constant currency, Adjusted operating profit and Adjusted operating cash flow.
11 Non-GAAP measures
The Board uses certain non-GAAP measures to help it effectively monitor the performance of the Group. These measures
include Return on Total Invested Capital, Return on Capital Employed, Organic growth at constant currency, Adjusted
operating profit and Adjusted operating cash flow.
Return on Total Invested Capital 1 April 2017 (Restated)*2 April 2016
£000 £000
Post-tax profit before adjustments2 152,270 129,641
Total shareholders' funds 778,637 646,340
Add back retirement benefit obligations 74,856 52,323
Less associated deferred tax assets (13,947) (9,619)
Cumulative amortisation of acquired intangible assets 168,031 112,478
Historical adjustments to goodwill3 89,549 89,549
Total Invested Capital 1,097,126 891,071
Average Total Invested Capital1 994,099 833,616
Return on Total Invested Capital (ROTIC) 15.3% 15.6%
Return on Capital Employed 1 April 2017 (Restated)*2 April 2016
£000 £000
Operating profit before adjustments2, but after share of results of associate 203,290 173,066
Computer software costs within intangible assets 4,466 3,215
Capitalised development costs within intangible assets 28,782 23,540
Other intangibles within intangible assets 1,111 903
Property, plant and equipment 106,016 96,562
Inventories 118,780 105,283
Trade and other receivables 212,236 184,126
Trade and other payables (135,257) (122,791)
Current provisions (6,776) (4,789)
Net tax liabilities (15,931) (14,968)
Non-current trade and other payables (10,780) (10,153)
Non-current provisions (16,917) (19,355)
Add back contingent purchase consideration 16,444 17,075
Capital Employed 302,174 258,648
Average Capital Employed1 280,411 238,898
Return on Capital Employed (ROCE) 72.5% 72.4%
1 The ROTIC and ROCE measures are expressed as a percentage of the average of the current period's and prior year's Total
Invested Capital and Capital Employed respectively. Using an average as the denominator is considered to be more representative.
The March 2015 Total Invested Capital and Capital Employed balances were £776,160,000 and £219,148,000 respectively.2
Adjustments include the amortisation and impairment of acquired intangible assets; acquisition items; restructuring costs; and
profit or loss on disposal of operations.3 Includes goodwill amortised prior to 3 April 2004 and goodwill taken to reserves.*
Comparatives have been restated as described in note 8.
Organic growthOrganic growth measures the change in revenue and profit from continuing Group operations. This measure equalises the effect of acquisitions by:i. removing from the year of acquisition their entire revenue and profit before taxation, andii. in the following year, removing the revenue and profit for the number of months equivalent to the pre-acquisition period in the prior year.The resultant effect is that the acquisitions are removed from organic results for one full year of ownership.The
results of disposals are removed from the prior period reported revenue and profit before taxation. The effects of currency changes are removed through restating the current year revenue and profit before taxation at the prior year exchange rates. Organic growth at constant currency has been calculated for the Group as follows:
Organic growth
Organic growth measures the change in revenue and profit from continuing Group operations. This measure equalises the
effect of acquisitions by:i. removing from the year of acquisition their entire revenue and profit before taxation,
andii. in the following year, removing the revenue and profit for the number of months equivalent to the pre-acquisition
period in the prior year.The resultant effect is that the acquisitions are removed from organic results for one full year
of ownership.The results of disposals are removed from the prior period reported revenue and profit before taxation. The
effects of currency changes are removed through restating the current year revenue and profit before taxation at the prior
year exchange rates. Organic growth at constant currency has been calculated for the Group as follows:
Group Revenue Adjusted profit* before taxation
52 weeks to 1 April2017 53 weeks to2 April2016 % growth 52 weeks to1 April2017 53 weeks to 2 April2016 % growth
£000 £000 £000 £000
Continuing operations 961,662 807,805 194,004 166,014
Acquired and disposed revenue/profit (40,303) (4,544)
Organic growth 921,359 807,805 14.1% 189,460 166,014 14.1%
Constant currency adjustment (78,982) (17,427)
Organic growth at constant currency 842,377 807,805 4.3% 172,033 166,014 3.6%
Sector Organic growth at constant currencyOrganic growth at constant currency is calculated for each segment using the same method as described above.
Sector Organic growth at constant currency
Organic growth at constant currency is calculated for each segment using the same method as described above.
Process Safety Revenue Adjusted* segment profit
52 weeks to 1 April2017 53 weeks to2 April2016 % growth 52 weeks to 1 April2017 53 weeks to2 April2016 % growth
£000 £000 £000 £000
Continuing operations 167,007 155,467 40,243 39,557
Acquisition and currency adjustments (10,317) (2,406)
Organic growth at constant currency 156,690 155,467 0.8% 37,837 39,557 (4.3%)
Infrastructure Safety Revenue Adjusted* segment profit
52 weeks to 1 April2017 53 weeks to2 April2016 % growth 52 weeks to 1 April2017 53 weeks to2 April2016 % growth
£000 £000 £000 £000
Continuing operations 315,219 264,843 65,129 55,579
Acquisition and currency adjustments (32,050) (5,549)
Organic growth at constant currency 283,169 264,843 6.9% 59,580 55,579 7.2%
Medical Revenue Adjusted* segment profit
52 weeks to 1 April2017 53 weeks to2 April2016 % growth 52 weeks to 1 April2017 53 weeks to2 April2016 % growth
£000 £000 £000 £000
Continuing operations 260,576 198,715 66,704 51,695
Acquisition and currency adjustments (53,335) (11,908)
Organic growth at constant currency 207,241 198,715 4.3% 54,796 51,695 6.0%
Environmental & Analysis Revenue Adjusted* segment profit
52 weeks to 1 April2017 53 weeks to2 April2016 % growth 52 weeks to 1 April2017 53 weeks to2 April2016 % growth
£000 £000 £000 £000
Continuing operations 219,118 188,928 41,698 34,527
Acquisition and currency adjustments (23,583) (5,140)
Organic growth at constant currency 195,535 188,928 3.5% 36,558 34,527 5.9%
* Adjustments include the amortisation and impairment of acquired intangible assets; acquisition items; restructuring costs; and profit or loss on disposal of operations.
Adjusted operating profit 52 weeks to 1 April 2017 53 weeks to 2 April2016
£000 £000
Operating profit 167,070 142,943
Add back:
Acquisition items (9,507) 7,179
Loss on restructuring 1,910 -
Amortisation of acquired intangible assets 31,469 23,103
Impairment of acquired intangible assets 12,429 -
Adjusted operating profit 203,371 173,225
Adjusted operating cash flow 52 weeks to 1 April 2017 53 weeks to 2 April2016
£000 £000
Net cash from operating activities (note 10) 172,493 149,273
Add back:
Net acquisition costs 363 -
Taxes paid 33,188 27,186
Proceeds from sale of property, plant and equipment 1,495 2,364
Proceeds from sale of capitalised development costs - 166
Share awards vested not settled by own shares* 3,309 2,478
Less:
Purchase of property, plant and equipment (21,875) (22,418)
Purchase of computer software and other intangibles (2,760) (2,204)
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