Summary of results

  • Billings up 11.1% at £18.742 billion.
  • Reported revenue up 28.4% to £4.289 billion and up 8.6% in constant currencies.
  • Like-for-like revenue down 8.3% and gross margin down less at 7.8%.
  • Headline operating profit down 24.5% to £342.2 million from £453.4 million.
  • Headline operating margins down 4.5 margin points to 8.0% on a like-for-like basis.
  • Headline operating margins pre-severance and one-off costs at 10.0%.
  • Headline profit before tax down 35.2% to £252.2 million from £389.1 million.
  • Profit before tax down 47.0% to £179.3 million from £338.5 million.
  • Diluted headline earnings per share down 40.8% to 12.9p from 21.8p.
  • Diluted earnings per share down 50.6% to 8.8p.
  • First interim ordinary dividend flat at 5.19p per share.
  • Significant improvement in working capital in first half and relative net debt position in second quarter.
  • Estimated net new business billings of £1.208 billion ($1.872 billion).