FINANCIAL HIGHLIGHTS
Revenue growth of 17.2% on a constant currency basis and 18.0% on a reported basis to £78.8m (H1 2015: £66.7m)
Catalogue revenue growth of 15.7% on a constant currency basis and 16.1% on a reported basis to £72.9m (H1 2015: £62.7m)
Gross margin of 69.3% (H1 2015: 70.4%), reflecting currency headwinds in H1 2016
As anticipated, strategic investment to drive future growth has resulted in an adjusted operating margin of 30.7% (H1 2015: 35.4%). Reported operating margin was 26.7% (H1 2015: 32.8%)
Adjusted EBITDA margin of 34.4% (H1 2015: 38.8%) and 32.5% (H1 2015: 38.6%) on a reported basis
Profit before tax (PBT) on an adjusted basis was £24.3m (H1 2015: £23.8m) and reported PBT was £20.9m (H1 2015: £22.1m)
Adjusted diluted earnings per share (EPS) increased by 2.8% to 9.64 pence (H1 2015: 9.38 pence). Reported diluted EPS decreased by 4.9% to 8.36 pence (H1 2015: 8.79 pence)
Interim dividend increased by 2.8% to 2.354 pence (2015: 2.29 pence)
As previously guided, the plan for a step change in investment to scale the business for future sustained growth is progressing well. Anticipated capital investment in systems and processes of £15m to £19m over the next two years
