The financial results for 2021 represent continuing operations only and exclude the contribution from the Swiss business, Belcolor AG, in 2021 following its disposal during 2021. Commentary on the Company’s use of Alternative Performance Measures (‘APMs’) alongside International Financial Reporting Standards (‘IFRS’) Measures is given on pages 206 to 207 of the Annual Report 2023.

¹ To supplement IFRS reporting, we also present our results on an underlying basis to show the performance of the business before non-underlying items. These items are detailed in note 3 and principally comprise amortisation of acquired intangibles and other acquisition related costs, impairment of intangibles, property, plant and equipment and right-of-use assets, insurance proceeds (following fire), profit on sale of property, plant and equipment and business restructuring and change-related costs.

² Total ordinary dividend for 2021 includes the 2.0p nominal dividend announced in March 2021.

³ Average net (debt)/funds is calculated by aggregating the net debt position, excluding lease liabilities, for each business day and dividing by the total number of business days.

⁴ Net (debt)/funds is as at 31 December, and includes lease liabilities of £43.4 million in 2023 (2022: £37.7 million; 2021: £36.0 million).