Underlying NGR is an indicator of the Group’s top-line growth. It is revenue retained from the amounts staked after paying out customer winnings and deducting customer incentives. Underlying NGR increased by 95% in the year due to the impact of venue closures and other restrictions during the pandemic in the prior year.
Underlying operating profit provides a picture of the underlying performance and is a key indicator of the Group’s success in delivering top-line growth while controlling costs. Underlying operating profit increased to an operating profit of £39.8m due to the impact of venue closures and other restrictions during the pandemic in the prior year.
Net debt is calculated as total borrowings less cash and short-term deposits. Net debt decreased in the year due to £100.7m of cash generated from operations during the year and the £83.1m VAT repayment received in December 2021 offsetting the operational cash used in the business.
Underlying EBITDA is earnings before interest, tax, depreciation, amortisation and separately disclosed items. It is calculated by taking underlying operating profit before separately disclosed items and adding back depreciation and amortisation. Underlying EBITDA for the year increased to £107.2m due to the return to profit following the temporary closure of the Group’s venues during the COVID-19 pandemic in the prior year.
EPS is a key indicator of the Group’s growth after allowing for all costs including separately disclosed items.
EPS increased to 14.2p reflecting the operating profit generated in the year.
Underlying EPS is a key indicator of the Group’s growth before allowing for separately disclosed items.
Underlying EPS increased to 4.3p due to the operating profit generated in the year.
Dividend per share is the sum of declared dividends issued by the Company for every ordinary share outstanding.
In light of the COVID-19 pandemic and the material impact on our business, the Group did not pay an interim dividend and the Board will not be proposing a final year dividend for 2021/22.
1. Underlying measures exclude the impact of amortisation of acquired intangibles; profit or loss on disposal of businesses; acquisition and disposal costs including changes to deferred or contingent consideration; impairment charges; reversal of impairment charges; restructuring costs as part of an announced programme; retranslation and remeasurement of foreign currency contingent consideration; discontinued operations, significant material proceeds from tax appeals and the tax impact of these, should they occur in the period. Collectively these items are referred to as separately disclosed items (‘SDIs’).
2. Before discontinued operations.