| Underlying Profit | Measures the normal underlying performance of the business after removing non-recurring items | The Board considers that this measurement of profitability provides stakeholders with information on trends and performance | Group revenues were up 7.9% year-on-year, however Group gross margin fell by 110 basis points and operating costs rose by 6.7%. This and the continued investment in another 20 autocentres meant that underlying profit rose by 1.1% year-on-year. | £117.1m | £125.6m | £92.2m | £72.0m | £72.8m |
| Underlying Earnings per Share | Underlying profits as defined above divided by the number of shares in issue | EPS is a measure of our investment thesis and as such we aim to manage revenues and margins and invest in long-term growth. | As a result of the increase in underlying profit before tax EPS rose by c.4%. | 39.7p | 43.2p | 33.7p | 27.7p | 28.8p |
| EBITDA | Earnings before Interest, Tax, Depreciation and Amortisation | The Board considers that this measurement of profitability is a viable alternative to underlying profit and uses this measure to incentivise management. | The reduction in Group EBITDA is as a result of a £2m reduction in Autocentres operating profits. | £143.8m | £153.2m | £123.6m | £103.4m | £101.1m |
| Dividend per Ordinary Share | Cash returned to shareholders as a return on their investment in the Company | To maintain this policy whilst retaining the flexibility to invest when opportunities are identified. | The Board has recommended a final dividend of 9.1 pence per share (FY13: 9.1 pence). The Board continues to recognise the importance of dividends but believes that such dividends should be prudently covered by earnings and will continue to maintain a c.2× dividend cover over the medium term. | 20.0p | 22.0p | 22.0p | 17.1p | 14.3p |
| Total Revenues | Total sales revenues from all business activities | The Group is committed to growing sales in all of its core trading activities. | At £939.7m Group revenues were up 7.9% year-on-year. Retail revenues at £803.1m were up 7.7%, whilst Autocentres revenues at £136.6m were up 8.6%. | £831.6m | £869.7m | £863.1m | £871.3m | £939.7m |
| Net Debt | Bank debt plus finance leases, less cash and cash equivalents both in-hand and at bank | The Group remains strongly cash generative and continues to invest in the business. The Board is committed to maintaining an efficient balance sheet, returning any surplus capital not required to fund growth to shareholders. | The Group has continued its strong track record of operating cash generation. | £155.5 | £103.2m | £139.2m | £110.6m | £99.6m |
| Free Cash Flow | Cash generated from activities, less taxation, capital expenditure and net finance costs | The Group has a track record of robust cash generation which the Board intends to continue. | Free cash flow FY14 is stated after a one-off tax payment of £21.0m in order to settle prior year tax liabilities and also reflects continued capital investment. | 142.8m | £96.4m | £70.4m | £71.8m | £39.5m |