Average VOH ('000)

average-voh graph

Revenue - hire of vehicles (£m)

revenue-hire-of-vehicles chart

Underlying PBT (£m)

Underlying PBT chart

Dividend per share (p)

Dividend per share chart

Net debt (£m)

Nebt debt chart

About our non-GAAP measures and why we use them

Throughout this report we refer to underlying results and measures. The underlying measures allow management and other stakeholders to better compare the performance of the Group between the current and prior period without the effects of one-off or non-operational items.

In particular we refer to disposals profit. This is a non-GAAP measure used to describe the adjustment in depreciation charge made in the year for vehicles sold at an amount different to their net book value at the date of sale (net of attributable selling costs).

Underlying measures exclude certain one-off items such as those arising due to restructuring activities and recurring non-operational items, including certain intangible amortisation.

Exceptional items are explained in the Notes to the accounts and a reconciliation of GAAP to non-GAAP measures is included in the Financial Review.