Five Year Financial Summary

In £m, unless otherwise stated2014 Restated2015201620172018
Underlying EBITDA 192.8107.3129.1160.2177.3
Reported profit before tax21.544.047.935.977.6
Adjusted profit before tax 278.488.8104.1129.9144.4
Reported diluted earnings/(loss) per share (pence)7.112.5 39.62.714.4
Adjusted diluted earnings per share (pence) 221.020.8 319.420.021.9
Adjusted net debt 4111.1224.9180.8187.4314.5
Investment in acquired content rights199.4166.3121.4181.4148.2
Investment in productions77.4114.497.1226.5292.6


  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.
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