Financial performance

REVENUE

£7.6Bn

2020: £6.8Bn

2021 Performance:
The Group has delivered 7.6bn, up 21% organically (excluding currency effects and net M&A) and up 12% reported versus prior year. This has been driven by volume recovery and strong pricing. On a comparable basis (adjusted for currency and net M&A), Group revenue was 3% below 2019.

OPERATING MARGIN

4.3%

2020: 2.4%

2021 Performance:
Operating margin is 4.3%, up 190bps versus 2020. This is owing to a combination of higher vehicle gross margins, driven largely by the combination of robust consumer demand and supply shortages, and the benefits of our cost-restructuring programme.

PROFIT BEFORE TAX AND EXCEPTIONAL ITEMS

£296m

2020: £128m

2021 Performance:
In 2021 this increased 131% to 296m, reflecting the strong improvement in revenue and operating profit.

FREE CASH FLOW

£289m

2020: £177m

2021 Performance:
The Group delivered free cash flow (FCF) of  289m, an increase of 63% on 2020 and representing a conversion of operating profit of 88%, exceeding the long-term average of 60-70%.

RETURN ON CAPITAL EMPLOYED

30%

2020: 12%

2021 Performance:
ROCE for the period was 30%, compared to 12% for the equivalent period last year. This increase was primarily driven by the recovery in Group profits.

1 2018 and 2019 are not comparable with prior years due to adoption of IFRS 16
2 For alternative performance measure, see page 176-177 of annual report.