Financial review
Operating margin
- 2011 financial highlights
- Profit from operations
- Organic growth
- Operating margin
- Adjusting items
- Net finance costs
- Associates
- Profit before tax
- Effective tax rate
- Earnings per share
- Dividends
- Treasury operations
- Liquidity
- Capital structure
- Cash flow
- Net debt
- Retirement benefit schemes
- Changes in the Group
- Share buy-back programme
- Non-GAAP measures
- Accounting developments
- Foreign currencies
- Going concern
Operating margin
The Group continues to improve its operating margin by addressing the cost base through factory rationalisation, systems standardisation and productivity savings. In 2011, adjusted profit from operations, as a percentage of net revenue, improved to 35.8 per cent compared to 33.5 per cent in 2010. More details of the Group’s adjusted operating performance can be found in the regional review.