Five Year Financial Summary

In £m, unless otherwise stated2015201620172018 Restated 52019
Underlying EBITDA 1107.3129.1160.2163.6197.6
Reported profit before tax44.047.935.964.936.8
Adjusted profit before tax 288.8104.1129.9130.2155.9
Reported diluted earnings/(loss) per share (pence)12.5 39.62.712.02.5
Adjusted diluted earnings per share (pence) 220.8 319.420.019.325.0
Adjusted net debt 4224.9180.8187.4314.5341.5
Investment in acquired content rights166.3121.4181.4144.5121.9
Investment in productions114.497.1226.5297.4258.7


  1. Underlying EBITDA is defined as operating profit before operating one-off items, share-based payment charges, depreciation and amortisation of acquired intangibles.
  2. Adjusted profit before tax is defined as profit before tax before operating one-off items, share based payment charges, amortisation of acquired intangibles and one-off items within net finance charges. Adjusted diluted earnings per share is adjusted for the tax effect of these items.
  3. The 2015 earnings per share and adjusted earnings per share have been adjusted to reflect the bonus element of the Rights Issue completed on 20 October 2015
  4. Adjusted net debt includes net borrowings under the Group's senior debt facility but excludes production net debt.
  5. The reported 2018 numbers have been restated for IFRS 15 Revenue from Contracts with Customers
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