Shareprice

Profit before tax*

£m and % sales

Commentary
Profit before tax has significantly improved this year due to stronger sales performance, improved gross margin and tighter cost control, and despite additional investment in marketing, wage inflation and higher cost of incentive schemes.

Why this measure is important
Profit before tax measures overall financial performance of the business, reflecting sales, gross margin and cost control.

* Profit before tax is presented before exceptional costs.