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Financial summary*

Our twenty-second year was another model year, our best yet, with key measures exceeding any previous year.

  2007 2006 Change %
Billings £31,666m £30,141m +5.1
Revenue £6,186m £5,908m +4.7
Headline EBITDA1 £1,072m £1,002m +7.0
Headline operating profit1 £887m £822m +7.9
Reported operating profit £805m £742m +8.5
Headline PBIT1 £928m £859m +8.0
Headline PBIT margin 15.0% 14.5% +0.5
Headline PBT1 £817m £766m +6.7
Reported PBT £719m £682m +5.5
Headline diluted earnings per share1,3 46.0p 42.0p +9.5
Headline diluted earnings per ADR1,2,3 $4.63 $3.92 +18.1
Ordinary dividend per share 13.45p 11.21p +20.0
Ordinary dividend per ADR2 $1.35 $1.03 +31.1
Net debt at year-end £1,286m £815m +57.8
Average net debt4 £1,458m £1,214m +20.1
Ordinary share price at year-end 647.0p 690.5p -6.3
ADR price at year-end $64.29 $67.78 -5.1
Market capitalisation at year-end £7,709m £8,566m -10.0
  At 16 April 2008    
Ordinary share price 616.0p  
ADR price $60.96  
Market capitalisation £7,241m  


* The financial statements have been prepared under IFRS (International Financial Reporting Standards, incorporating International Accounting Standards).
1 The calculation of 'headline' measurements of performance (including Headline EBITDA, Headline operating profit, Headline PBIT, Headline PBT and Headline earnings) is shown in note 31 of the financial statements.
2 One American Depositary Receipt represents five ordinary shares. These figures have been translated for convenience purposes only using the income statement exchange rates shown in the Consolidated income statements. This conversion should not be construed as a representation that the pound sterling amounts actually represent, or could be converted into, US dollars at the rates indicated.
3 Earnings per share is calculated in note 9 of the financial statements.
4 Average net debt is defined in the financial glossary.