Financial Highlights

 Financial summary  2020  2019 Change
Revenue £m 2,790.2                                    4,341.3                                   (35.7)%                               
Operating profit* £m 300.3 850.5 (64.7)%
 Profit before tax £m 264.4  835.9 (68.4)%
 Profit before tax and exceptional items £m                                                                                 274.4     821.6 (66.6)%
 Profit for the year £m 217.0 673.9 (67.8)%
Basic earnings per share pence  6.3  20.6 (69.4)%
Adjusted basic earnings per share pence††  6.5 20.3 (68.0)%
 Tangible net asset value per share pence 110.0 100.5 9.5%
 Net cash£m 719.4 545.7 31.8%

* 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 performance summary 2020                                                          2019                                                 
Legal completions (excluding joint ventures) 9,412 15,520
Private legal completions (excluding joint ventures) 7,564 12,043
Affordable legal completions (excluding joint ventures)                                                                               1,848 3,477
Legal completions (joint ventures) 197 199
Outlets open 239 240
Average number of employees 5,948 5,796