EVER BETTER, EVER STRONGER 2018 FULL YEAR RESULTS PRESENTATION 5 - - PowerPoint PPT Presentation

2018 FULL YEAR RESULTS PRESENTATION

5 March 2019

EVER BETTER, EVER STRONGER

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This presentation contains certain forward-looking statements with respect to the financial condition, results, operations and business of Intertek Group plc. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. Nothing in this presentation should be construed as a profit forecast. 5 March 2019

2

AGENDA

Performance Highlights 2018 Financial Results 5x5 Strategy Update 2019 Outlook by Division Conclusion 01 05 04 03 02

PERFORMANCE HIGHLIGHTS

01

185 235 318 342 351 FY 14 FY 15 FY 16 FY 17 FY 18

7.7% EPS GROWTH… 1.6X REVENUE GROWTH

5

2,093 2,166 2,567 2,769 2,801 FY14 FY15 FY16 FY17 FY18

Revenue (£m)

324 343 410 468 482 FY 14 FY 15 FY 16 FY 17 FY 18

Adjusted Operating Profit (£m)

15.5% 15.9% 16.0% 16.9% FY 14 FY 15 FY 16 FY 17 FY 18

Adjusted Operating Margin

132.1 140.7 167.7 191.6 198.3 FY 14 FY 15 FY 16 FY 17 FY 18

Adjusted EPS (p)

49.1 52.3 62.4 71.3 99.1 FY 14 FY 15 FY 16 FY 17 FY 18

Dividend (p)

+1.2% +4.7% CCR +3.0% +6.9% CCR + 30bps + 40bps CCR +3.5% +7.7% CCR +39%

17.2%

14-18 CAGR: 7.6% 14-18 CAGR: 10.4% 14-18: +170BPS 14-18 CAGR: 10.7% 14-18 CAGR: 19.2% 14-18 CAGR: 17.4%

+2.6%

Free Cash Flow (£m)

CONTINUOUS ORGANIC REVENUE GROWTH ACCELERATION

6

FY18 organic growth by division

Note: (1) At 2018 constant currency rates

1.7% 2.5% 3.4% 4.0% H1 17 H2 17 H1 18 H2 18

Organic growth at constant currency

Organic revenue growth1 (%) Revenue growth1 (%) (5%) 10% 77%

• f

earnings (5%)

[]%

Products: +5.2% Trade: +2.2% Resources: 0.3%

17%

• f

earnings

6% 10%

Notes: (1) At 2018 constant currency rates; (2) Annualised

17.2% OPERATING PROFIT MARGIN… +40BPS YOY, +170 BPS SINCE 2014

+20bps +30bps 110bps +40bps

FY 15 FY 16 FY 17 FY 18

Margin improvement1

7

Cost reduction activities

• Organic growth in Products and Trade
• Margin accretive acquisitions
• Strategic review of underperforming

business units

• Consolidation of facilities

Headcount Savings2 2015 200 £4m 2016 550 £10m 2017 400 £7m 2018 400 £7m

Portfolio strategy

• Monthly performance reviews for Top

30 countries/16 Business Lines

• Business Line and country

benchmarking

• Site span of performance management
• Cost discipline

Productivity management

£387m £442m £543m £579m £581m FY 14 FY 15 FY 16 FY17 FY18

Cash Generated from Operations

STRONG CASH PERFORMANCE

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9.3% 8.8% 7.1% 5.0% 3.9% FY 14 FY 15 FY 16 FY17 FY18

Working Capital as % of Revenue

1.6x 1.8x 1.5x 1.0x 1.4x FY 14 FY 15 FY 16 FY17 FY18

Net Debt / EBITDA

£185m £235m £318m £342m £351m FY 14 FY 15 FY 16 FY 17 FY 18

Free Cash Flow

37% 37% 37% 37% FY14 FY 15 FY 16 FY17 FY18

Dividend Payout Ratio

£401m £429m £499m £563m £571m FY 14 FY 15 FY 16 FY 17 FY 18

Adjusted EBITDA

14-18 CAGR: 9.2% 14-18 CAGR: 10.7% 14-18 CAGR: 17.4% 14-18: (540BPS)

50%

Leading certification body in Denmark with an established network and expertise in auditing, certification and training Leading provider of product security certification solutions Leading provider of on-road vehicle testing services Market leader in the provision of environmental water testing services in Mexico Leading provider of cyber security network assurance services Market leader in food assurance and inspection in Italy

FY16 FY17 FY15

Leading provider of materials testing and speciality construction inspection in New York Non-Destructive Testing services for the energy industry across Australasia Leading US provider of testing and assurance services to commercial and civil construction markets

M&A IN ATTRACTIVE GROWTH AND MARGIN SECTORS

9

FY18

A leading network security and assurance services provider A leading provider of quality and quantity cargo inspection services A leading provider of SaaS-based People Assurance solutions A leading provider of laboratory testing, inspection, metrology and training services

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2018 FINANCIAL RESULTS

02

KEY FINANCIALS

YoY % FY 18 Actual Rates Constant Rates Revenue

£2,801m 1.2% 4.7%

Organic revenue1

£2,770m 0.2% 3.7%

Operating profit2

£482m 3.0% 6.9%

Operating profit margin2

17.2% 30bps 40bps

Adjusted Diluted EPS2

198.3p 3.5% 7.7%

Free cash flow

£351m 2.6%

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Notes: (1) Organic revenue excludes the impact of acquisitions and disposals in 2017 and 2018; (2) Before separately disclosed items

OPERATING MARGIN BRIDGE

16.9% 17.2% 40bps 0bps 10bps 10bps (20bps) (10bps) 13.0% 14.0% 15.0% 16.0% 17.0% 18.0% FY 2017 Products Trade Resources Divisional mix Excluding FX and Acquisitions & Disposals Acquisitions & Disposals FX FY 2018 17.2%

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+30bps organic at constant rates

Note: Organic excludes the impact of acquisitions and disposals in 2017 and 2018

£m @ actual exchange rates FY 17 FY 18 Adjusted operating profit1 467.7 481.8 Depreciation/amortisation 94.8 88.7 Change in working capital 19.7 13.1 Other2 16.7 21.3 Cash flow for cash conversion 598.9 604.9 Cash conversion % 128% 126% Net capex (109.7) (109.7) Other3 (147.6) (144.6) Free cash flow 341.6 350.6 Acquisitions4 (27.4) (387.9) Net debt 544.1 778.2

CASH FLOW & NET DEBT

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Notes: (1) Before Separately Disclosed Items; (2) Comprises Equity Settled transactions and other Non-Cash Items; (3) Comprises: Exceptionals, Interest Paid/Received and Tax; Special pension contributions (4) Total cash consideration in FY18 for 2018 acquisitions £393.5m, with cash acquired of £5.6m

• 3.0% at actual rates
• 126% cash conversion
• FCF 109% of adjusted Net Income
• Net debt / 1.4x EBITDA

FINANCIAL GUIDANCE

14

FY 2019 Guidance Net finance cost £31 – 33m Effective tax rate 24.5 – 25.5% Minority interest £21 – 23m Diluted shares (as at 31 December 2018) 162.8m Capex £130 – 140m Net Debt £670 – 700m

Note: Net debt guidance before any material change in FX rates, any additional M&A and impact of IFRS 16

15

5X5 STRATEGY UPDATE

03

5X5 DIFFERENTIATED STRATEGY FOR GROWTH

Differentiated Brand Proposition Superior Customer Service Effective Sales Strategy Growth and Margin Accretive Portfolio Operational Excellence

5 Strategic Priorities 5 Enablers

Living Our Customer Centric Culture Disciplined Performance Management Superior Technology Energising Our People Delivering Sustainable Results

5x5 Strategic Goals

Fully engaged employees working in a safe environment

1 2 3 4 5

Superior customer service in Assurance, Testing, Inspection and Certification Margin accretive revenue growth based on GDP+

• rganic growth

Strong cash conversion from operations Accretive, disciplined capital allocation policy

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THE 21ST CENTURY HAS CREATED A TRULY GLOBAL MARKET

Demand has become truly global, reflected in global supply Today Global Trade represents 72% of Global GDP

26% 34% 24% 47% 78% 25% 69% 56% 26% 52% 58% 47% 38% 42% 41% 123% 61% 49% 45% 63% 64% 62% 31% 75% 63% 87%

Trade as % of GDP Source: World Bank. Trade is the sum of exports and imports of goods and services measured as a share of gross domestic product.

17 24% 39% 51% 72% 1960 1980 2000 2017

Global trade as a % of global GDP

CORPORATIONS ARE INCREASING THEIR FOCUS ON SYSTEMIC OPERATIONAL RISK

SUPPLY TIER 3 TIER 2 TIER 1 PRODUCTION 3RD PARTY OWNED DISTRIBUTION TRANSPORTATION DISTRIBUTION CENTRES RETAIL IN-STORE ONLINE CONSUMER Multi-channel routes to market Global multi-tier sourcing Global manufacturing Multi-country distribution

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GROWING COMPLEXITY DRIVING DEMAND FOR END-TO-END SYSTEMIC QUALITY ASSURANCE

ATIC SOLUTIONS HELPING OUR CLIENTS MANAGE GREATER COMPLEXITY

SUPPLY TIER 3 TIER 2 TIER 1 PRODUCTION 3RD PARTY OWNED DISTRIBUTION TRANSPORTATION DISTRIBUTION CENTRES RETAIL IN-STORE ONLINE CONSUMER

ASSURANCE PROVIDES AN END-TO-END ASSESSMENT OF QUALITY & SAFETY PROCESSES

T I C A T I C

TIC PROVIDES QUALITY & SAFETY CONTROLS IN HIGH RISK AREAS

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RESEARCH & DEVELOPMENT RAW MATERIALS SOURCING COMPONENT SUPPLIERS MANUFACTURING TRANSPORTATION DISTRIBUTION & RETAIL CHANNELS CONSUMER MANAGEMENT

Assurance | Testing | Inspection | Certification

Our Customer Promise

Intertek Total Quality Assurance expertise delivered consistently with precision, pace and passion, enabling

• ur customers to power ahead safely

TQA END-TO-END SYSTEMIC APPROACH TO QUALITY ASSURANCE

SUPERIOR CUSTOMER SERVICE WITH OUR TQA VALUE PROPOSITION

20 Assurance ensures our customers identify and

mitigate the intrinsic risk in their operations, supply chain and quality management systems

Assurance

Testing is evaluating how products and services meet and exceed quality, safety, sustainability and performance standards

Testing Inspection

Inspection is validating the specifications, value and safety of raw materials, products and assets Certification is certifying that products and services meet trusted standards

Certification

24% 17% 25% 23% 51% 60% FY 15 FY18

8% 9% 30% 22% 52% 53% 10% 16%

FY 15 FY18 £2,801m £2,166m

GROUP CENTRE OF GRAVITY MOVING TOWARDS HIGH GROWTH AND HIGH MARGIN SECTORS

21

Divisional Revenue Split (£m) ATIC Revenue Split (£m)

£2,801m £2,166m Resources Products Trade Assurance Testing Inspection Certification

8% 9% 30% 22% 52% 53% 10% 16% FY 15 FY18

£2,801m £2,166m

CONSISTENT PROGRESS ON REVENUE, MARGIN, CASH AND ROIC

+7.6% CAGR 22

DISCIPLINED PERFORMANCE MANAGEMENT

Marketing Leads Health and Safety Employee Turnover Site Capacity Utilisation Customer Retention Operational Excellence Net Promoter Score Sales Funnel Backlog Management Customer Acquisitions

Operational Metrics

Revenue Growth Pricing Power Cash Conversion Investments in Growth Margin Customer Profitability Cost Working Capital Capital Allocation ROCE

Financial Metrics Performance Management Calendar

Weekly Monthly Quarterly Yearly 5 Year Plan

X-PERFORMANCE FACTOR DRIVING SUSTAINABLE VALUE CREATION1

Revenue Margin

+10.7% CAGR

EPS

+10.4% CAGR

Profit WC% Revenue

+17.4% CAGR

Free Cash Flow DPS Capex Investment M&A Investment ROIC +34% +49% +170bps +51% (540)bps +90% +102%

£324m £482m 14 18 £2,093m £2,801m 14 18 15.5% 17.2% 14 18 132p 198p 14 18 9.3% 3.9% 14 18 £185m £351m 14 18 49.1p 99.1p 14 18 £444m 15 - 18 £691m 15 - 18 22.7% 15 - 18

+19.2% CAGR

1.6x 2.3x 2.8x

2014-2018 2014-2018 2014-2018

OP growth X

• Rev. growth2

FCF growth X

• Rev. growth

TSR growth X

• Rev. growth

Note: (1) Based on 2014-18 CAGR; (2) At 2018 constant currency rates

EVER BETTER…EVER STRONGER

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EVER BETTER GROWTH EVER STRONGER PERFORMANCE

Service Offering / Innovations Sales Management Operational Excellence Margin Management Cash Management

THE PACE OF CHANGE IS ACCELERATING IN MULTIPLE DIRECTIONS

“The rise of cyber crime continues to accelerate: UK business cyber crime rose 63% in 2017” “87% of millennials would be more loyal to a company that supports environmental issues” “By 2050 there will be 2bn people aged over 60” “Between 2009 and 2015 the number of internationally recognised trademarks grew 50% to 24m” “Sales of Electric Vehicles will increase 1,000% in the next 8 years” “22% of American adults have sold in the Sharing Economy” “IoT will change the way we live and work” “Ecommerce, online food and traceability are rewriting the retail rulebook” “By 2050, 70% of the world’s population will live in cities” “Growth in Emerging Markets to drive an increase in the world’s middle class to 5bn people by 2030” “The global blockchain market is expected to be worth US$20bn in 2024” “Global solar power capacity to increase 590% by 2040” “By 2025, the car market for partially autonomous vehicles is expected to be at US$36bn” “AI forecasted to increase USA economic growth by 35% by 2035”

A MORE COMPLEX CORPORATE WORLD MEANS MORE GROWTH OPPORTUNITIES FOR INTERTEK

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1996 1999 2002 2005 2008 2011 2014 2017

Vehicle Recalls Car Makes

EVER GROWING COMPLEXITY MEANS EVER GREATER LEVELS OF RISK FOR CORPORATIONS

25

Hacking is Driving Increases in Data Breaches Growing Food and Drink Recalls Growth of New Products Drive Quality Risks Increasing Recalls of Medical Devices

421 471 614 783 780 1,091 1,579 2011 2012 2013 2014 2015 2016 2017

Hacking Breaches Other Breaches

2006 2008 2010 2012 2014 2016 2018

Food and Drink Recalls

Sources: Food and Drink – USDA; Hacking - Identity Theft Resource Centre; Medical Devices – US FDA; Vehicles - National Highway Traffic Safety Administration

2013 2014 2015 2016 2017 2018

Medical Devices Recalls

Breakthrough Technology that enable solutions to create new markets

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INNOVATIVE SOLUTIONS TO ACCELERATE GROWTH

BREAKTHROUGH INNOVATION Technology that enable solutions to create new markets INNOVATION IN ADJACENT SEGMENTS Expanding into fast growing and high margin adjacent segments INNOVATION FROM THE CORE Strengthening existing products and services SUPPORTING OUR CUSTOMERS TO THRIVE IN AN INCREASINGLY COMPLEX WORLD

Develop new products and services Enter adjacent markets, serving adjacent customers Strengthen existing products and services

26

Serve existing markets and customers

ADJACENT INNOVATION BREAKTHROUGH INNOVATION CORE INNOVATION

INNOVATION FROM THE CORE TO STRENGTHEN EXISTING SERVICES

27

Strengthened our differentiated oil and gas testing offering by leveraging the heritage of our founder Caleb Brett Intertek PipeAware 2 delivers technology enabled transparency into the pipeline manufacturing and construction process Intertek’s innovative Mobile Laboratories gives ExxonMobil the flexibility required to test fuel quality across their fast growing Mexico retail business Voice of the Consumer leverages our customers’ consumer feedback through holistic product assurance plans, addressing safety, quality and perception concerns

Intertek’s Cybersecurity Services are an integral part of

• ur differentiated TQA service offering, addressing

growing cyber threats as part of a systemic risk mitigation approach With our Working Conditions Assessments, we support our customers in their goal of providing a safe and ethical working environment for their employees With our global network of Sustainability experts and ATIC solutions, Intertek is uniquely placed to help customers achieve their existing and emerging sustainability goals Hardlines and Softlines Chemical Testing, safeguarding consumers in an environment of rapidly developing chemical regulations and advanced materials technologies Intertek KJ Tech offers road testing, allowing auto manufacturers to understand how their vehicles perform in real life situations

INNOVATION IN HIGH GROWTH AND HIGH MARGIN ADJACENT SEGMENTS

28

TECHNOLOGY BASED INNOVATION OFFERING BREAKTHROUGH SERVICES

29

Inlight is a SaaS platform delivering the bespoke mapping of risks across the supply chain On Track enables restaurant brands to benchmark

• perational performance and efficiently train staff

through interactive simulations and gamification Alchemy offers SaaS solutions delivering training to ensure employee consistency and compliance in the fast growing food industry Interpret uses near infrared spectrum analysis to predict the physical properties of crude oil, reducing the time taken from weeks to minutes Wisetail is a leading e-learning platform that helps restaurants and retailers create a brand specific

• perating culture

2019 OUTLOOK BY DIVISION

04

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GROUP OUTLOOK 2019

Note: Net debt guidance before any material change in FX rates, any additional M&A and impact of IFRS 16

• Good organic revenue growth at constant currency

− Good growth expected in Products − Good growth expected in Trade − Solid growth expected in Resources

• Moderate Group margin progression

− Portfolio strategy − Continuous cost discipline − Performance management

• Strong cash conversion
• Capex: £130-140m
• Net debt: £670-700m

EXCELLENT PERFORMANCE IN PRODUCTS WITH 9.5% PROFIT GROWTH

32

1,626 1,680 FY 17 FY 18

Revenue (£m)

1,621 1,654 FY 17 FY 18

Organic Revenue (£m)

351 371 FY 17 FY 18

Operating Profit (£m)

21.6% 22.1% FY 17 FY 18

Operating Margin (%)

+3.4% +6.6% CCR +2.1% +5.2% CCR +5.8% +9.5% CCR +50bps +60bps CCR

Softlines Hardlines Electrical & Connected World

Growth Drivers

Increased number of Brands & SKUs Supply chain expansion in new markets Increased demand in chemical testing Innovation from our customers leveraging wireless technology Increased demand for chemical testing Innovative inspection technology Electrical appliance innovations to provide better efficiency and connectivity Increased demand for IoT Assurance services, including cyber security

FY18 Actual

Solid organic growth Good organic growth Robust organic growth Solid organic growth Good organic growth Robust organic growth

FY19 Outlook

Business Assurance Building & Construction Transportation Technology Food Chemicals and Pharma

33

Increased scrutiny on emissions Increased concerns on product safety and traceability

Growth Drivers FY18 Actual

ISO standards upgrades Increased focus of corporations on supply chain and risk management Increased consumer and government focus on ethical and sustainable supply Strong organic growth Growing demand for greener, safer and higher quality commercial buildings Increased investment in large infrastructure projects Robust organic growth Continued investment of our clients in new models and new fuel efficient engines Growth in the hybrid / electric engine segment Double-digit

• rganic growth

Continuous food innovation Increased focus on the safety of supply chains Growth in the food service assurance business Robust organic growth Robust organic growth Growth of SKUs Expansion of the supply base in emerging markets

FY19 Outlook

Robust organic growth Good organic growth Robust organic growth Robust organic growth Solid organic growth

EXCELLENT PERFORMANCE IN PRODUCTS WITH 9.5% PROFIT GROWTH

Caleb Brett Government & Trade Services AgriWorld

648 642 FY 17 FY 18

Revenue (£m)

648 637 FY 17 FY 18

Organic Revenue (£m)

89 83 FY 17 FY 18

Operating Profit (£m)

13.7% 13.0% FY 17 FY 18

Operating Margin (%)

(0.9)% +3.1% CCR (1.7)% +2.2% CCR (6.0)% (1.3)% CCR (70)bps (60)bps CCR

SOLID MOMENTUM IN TRADE WITH 2.2% ORGANIC GROWTH

34

Growth Drivers FY18 Actual

Robust organic growth Global and regional trade structural growth drivers Increased transport infrastructure Award of new contracts GDP growth Population growth The expansion of our clients’ supply chains in fast growing markets New customer wins Solid organic growth Below last year Good organic growth Robust organic growth Solid organic growth

FY19 Outlook

496 479 FY 17 FY 18

Revenue (£m)

496 479 FY 17 FY 18

Organic Revenue (£m)

29 27 FY 17 FY 18

Operating Profit (£m)

5.7% 5.7% FY 17 FY 18

Operating Margin (%)

(3.4)% +0.3% CCR (3.4)% +0.3% CCR (3.9)% (0.4)% CCR 0bps (10)bps CCR

IMPROVED TRADING CONDITIONS IN RESOURCES WITH STABLE REVENUE AND MARGIN

35

Minerals Capex Inspection Opex Inspection Solid organic growth Stable Revenue Good organic growth Minerals demand Technological innovation Demand for energy Asset productivity Technological innovation Capacity utilisation Asset productivity Ageing of equipment Outsourcing

Growth Drivers FY18 Actual

Slight decline Stable revenue Robust organic growth

FY19 Outlook

CONCLUSION

05

INTERTEK HIGH QUALITY EARNINGS MODEL

37

Our Services

Testing Inspection Certification Assurance Resources Trade Products

Our Sectors Our Mid- to Long-Term Value Creation

GDP+ GDP growth Long-term growth

GDP+ Organic revenue growth Margin accretive revenue growth Strong free cash flow Disciplined capital allocation Investments in attractive growth and margin sectors with Capex / M&A

Intertek Virtuous Economics

ATTRACTIVE STRUCTURAL GROWTH DRIVERS

38

6% of Group profit based on global growth drivers in the energy sector Long-term growth

Resources

17% of Revenue 6% of Profit

Long term demand for energy Investment in infrastructure Supply chain risk management Sustainability of energy supply Growth in alternative energy Focus on health & safety

77% of Group profit based on GDP agnostic growth drivers

Products

60% of Revenue 77% of Profit

Increased number

• f Brands & SKUs

Faster innovation cycle Increased regulation Increased corporation focus

• n risk

management Increased consumer focus on sustainable products Improvements in safety, performance and quality

GDP+ 17% of Group profit based on global trade growth 23% of Revenue 17% of Profit

Trade

Population growth GDP growth Development of regional trade Increased focus on traceability Growth in transport infrastructure Growth in port infrastructure

GDP growth Growth outlook: GDP+ Organic revenue growth in real terms

Insert Footer Here 39

INTERTEK IS GOING FROM STRENGTH TO STRENGTH

39

• Industry leader in a growing global $250bn ATIC market
• Scale positions in attractive end-markets in 100+ countries
• Unique Total Quality Assurance value proposition offering

superior customer service

• High quality compounder earnings model
• Ever growing corporate complexity is a growth accelerator
• Ever Better operational discipline making Intertek Ever Stronger

24% 20% 18% 17% 25% 23% 23% 23% 51% 57% 59% 60% FY 15 FY 16 FY 17 FY 18

GROUP PERFORMANCE (2015 – 2018)

41

Margin

FY 15 FY 16 FY 17 FY 18 Products 21.1% 20.3% 21.6% 22.1% Trade 14.1% 14.0% 13.7% 13.0% Resources 6.5% 5.8% 5.7% 5.7% Group 15.9% 16.0% 16.9% 17.2%

Key Metrics 2018

% Group Revenue % Group Profit Organic Revenue Growth1 60% 77% 5.2% 23% 17% 2.2% 17% 6% 0.3% 100% 100% 3.7%

15.9% 16.0% 16.9%

FY 15 FY 16 FY 17 FY 18 10% 7% 6% 6% 22% 20% 19% 17% 68% 73% 75% 77% FY 15 FY 16 FY 17 FY 18

£343m £410m £468m £2,166m £2,567m £2,769m

Adjusted Margin (%)

Note: (1) At 2018 constant currency rates

Revenue (£m) Adjusted Operating Profit (£m)

£2,801m £482m 17.2%

ADJUSTED EPS

42

£m @ actual exchange rates FY 17 FY 18 Adjusted operating profit1 467.7 481.8 +3.0% Net interest expense (28.9) (25.3) Profit before tax 438.8 456.5 Tax 24.7% (24.5%) (107.5) (112.8) Profit after tax 331.3 343.7 Non-controlling interest (19.0) (20.8) Net profit 312.3 322.9 Fully diluted shares (m) 163.0 162.8 Earnings per share (GBP) 191.6 198.3 +3.5% Dividend (GBP) 71.3 99.1 +39.0%