Return on capital employed (ROCE)
 

Aim: for steadily increasing ROCE which exceeds our cost of capital. This ensures that we add shareholder value over the long term. In recent years we have successfully widened the margin between the cost of our capital and the returns we generate by investing it.

During 2006, the post tax return on average capital employed improved to 18.5%.

Net return

  2006 2005 2004 2003 2002 2001
PBIT (normalised) 225 183 156* 131 107* 77
Avg capital (£m) 880 776 696 645 575 464
Tax (%) 27.7 27.7 28.1 28.1 29.1 29.8
*excluding exceptional items
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Accounts


Accounts (PDF download 452 kb)