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