Key financial information

 Change  2017
Revenue £m  4,082.0  2.9%  3,965.2
Operating profit* £m  880.2  4.3%  844.1
Profit before tax and exceptional items £m  856.8  5.5%  812.0
Profit before tax £m  810.7  18.9%  682.0
Profit for the year £m  656.6  18.2%  555.3
Adjusted basic earnings per share pence††
 21.3  5.4%   20.2
Basic earnings per share pence  20.1  18.2%
Tangible net asset value per share pence  98.3  2.7%
Net cash £m
 644.1  25.8%

* Operating profit is defined as profit on ordinary activities before net finance costs, exceptional items and tax, after share of results of joint ventures.

Tangible net assets per share is defined as net assets before any accrued dividends excluding goodwill and intangible assets divided by the number of ordinary shares in issue at the end of the period.

††Adjusted basic earnings per share represents earnings attributed to the shareholders of the parent, excluding exceptional items and tax on exceptional items, divided by the weighted average number of shares in issue during the period.

Net cash / (debt) is defined as total cash less total financing.

UK Housing business highlights 2018 2017
Legal completions (excluding joint ventures) 14,822 14,387
Private legal completions (excluding joint ventures)
11,421 11,602
Affordable legal completions (excluding joint ventures)
3,401 2,785
Legal completions (joint ventures) 111 154
Outlets open
Average number of employees 5,358 4,893

To find out more about our performance in 2018, please visit 2018 in review and our Reporting Centre, for more about Taylor Wimpey please visit About us.