Net Debt
| 2008 |
| 2009 |
| 2010 |
| 2011 |
| 2012 |
| £181.7m |
|
£176.2m |
|
£155.5m |
|
£103.2m |
|
£139.2m |
KPI
Net Debt
Definition
Bank debt plus finance leases, less cash and cash equivalents both in-hand and at bank.
Commitment
The Group remains strongly cash generative and continues to invest in the business. The Board is committed to maintaining an efficient balance sheet, returning any surplus capital, by way of dividends and share buybacks, not required to fund growth to shareholders.
Annual Performance
The Company continued to invest in the business in FY12 and during the year purchased 18.1m shares via a share buyback programme, commenced on 7 April 2011, at a cost of £62.3m.