Underlying EBITDA (£)*
Adjusted Diluted EPS (P)**
Statutory ebitda (£)
Diluted eps (p)
Final Dividend Per Share (P)
Net debt (£)
Revenue up 29.3% reflecting a good combination of organic growth and growth from acquisitions. Underlying EBITDA margin increased materially to 30.9% (2017: 24.1%) ahead of expectations due to the focus on improving profitability levels across the Group. Strong performance by both Institutional Client Services (ICS) and Private Client Services (PCS) Divisions.
Net organic growth of 8.7% with £9.7m of new business won from existing and new clients and strong organic new business enquiry pipeline of £32m at 31 December 2018 (2017: £25.6m). Successfully acquired Van Doorn and Minerva in 2018 and post period end acquired Exequtive Partners, a Luxembourg based provider of fund and corporate administration services. Well positioned to take advantage of further consolidation opportunities.
*Items classified as non-underlying are as detailed in Note 10 of the financial statements. Non-underlying items are defined as specific items that the directors do not believe will recur in future periods. The 2018 results reflect the pre listing capital structure up to 14 March 2018 and the subsequent structure post IPO.
**Adjusted diluted EPS is the loss for the year adjusted to remove the impact of non-underlying items within EBITDA, amortisation of customer contacts, other gains, share of profits from equity accounted investees, finance income, loan note interest, amortisation of loan arrangement fees and unwinding of NPV discounts.