Financial headlines
Financial performance for the half-year
| Half-year
2012 | Half-year
2011 |
Revenue | £270.0m | £270.3m |
Gross contribution 1 | £20.8m | £30.1m |
Underlying operating (loss)/profit 2 | £(1.0)m | £8.9m |
Underlying (loss)/profit before tax and exceptional items | £(6.3)m | £4.1m |
Exceptional items | £(5.3)m | £(5.6)m |
Loss before tax | £(11.6)m | £(1.5)m |
Net bank borrowings | £104.1m | £96.9m |
Adjusted (loss)/earnings per share | (6.8)p | 2.6p |
Basic loss per share | (11.3)p | (1.1)p |
1 Gross contribution is defined as gross profit less directly attributable divisional overheads, excluding corporate expenses. Certain costs, such as Finance and HR, are run on behalf of all business segments and are excluded from the definition of gross contribution. However, such costs are allocated to business segments under the definition of underlying operating profit. In half-year 2011 the Group accounted for vacant property costs within gross contribution, whereas in half-year 2012 the Group accounted for vacant property costs within corporate expenses.
2 Underlying operating profit, underlying operating margins and adjusted earnings per share exclude exceptional items (including the amortisation of intangible assets arising from business combinations) - see note 3 for full details.