Underlying Summary Group P&L (Last Updated: January 2026) (£'m) (p)
| 2025 (£'m) |
2024 (£'m) |
2023 (£'m) |
2022 (£'m) |
2021 (£'m) |
|
| Revenue | 234.3 | 223.4 | 224.2 | 212.5 | 186.8 |
| Underlying costs | (97.3) | (88.0) | (82.0) | (77.5) | (69.3) |
| Underlying EBITDAR | 137.0 | 135.4 | 142.2 | 135.0 | 117.5 |
| EBITDAR margin | 58.5% | 60.6% | 63.4% | 63.5% | 62.9% |
| Leasehold rent | (16.1) | (15.5) | (14.9) | (13.6) | (13.0) |
| Underlying EBITDA after leasehold rent | 120.9 | 119.9 | 127.3 | 121.4 | 104.5 |
| EBITDA after leasehold rent margin | 51.6% | 53.7% | 56.6% | 57.1% | 55.9% |
| Depreciation | (1.5) | (1.5) | (1.3) | (1.0) | (1.0) |
| Finance charges | (26.4) | (21.4) | (15.9) | (10.9) | (9.5) |
| Net contribution from JVs and associates | (0.1) | - | - | (0.3) | - |
| Underlying profit before tax | 92.9 | 97.0 | 110.1 | 109.2 | 94.0 |
| Current tax | (4.4) | (4.3) | (5.1) | (5.2) | (5.5) |
| Adjusted EPRA earnings | 88.5 | 92.7 | 105.0 | 104.0 | 88.5 |
| Share-based payments charge | (1.1) | (0.3) | (3.5) | (11.2) | (18.3) |
| EPRA basic earnings | 87.4 | 92.4 | 101.5 | 92.8 | 70.2 |
| 2025 (p) |
2024 (p) |
2023 (p) |
2022 (p) |
2021 (p) |
|
| Dividend per share | 30.70 | 30.40 | 30.10 | 29.80 | 25.10 |
| Adjusted Diluted EPRA (ADE) EPS | 40.3 | 42.3 | 47.9 | 47.5 | 40.5 |
| Diluted shares (for ADE EPS) (m) | 219.7 | 219.2 | 219.1 | 218.9 | 218.3 |
