o Revenue down 12% underlying o Cash operating income² down 13% underlying; 11% margin o Adjusted³ operating profit down 19% underlying; 9% margin o Adjusted profit before tax down 20% underlying o Adjusted EPS up 12% · Interim dividend increased +1% to 7.6p · Statutory · Active portfolio management strategy delivering value creation: o Increased investment in Cazoo in October 2020; proposed transaction values stake at c.US$1.35bn
5 vs £117m total investment o Disposal of EdTech (Hobsons) for c.US$410m in March 2021 o Acquisition of New Scientist for £67m in March 2021 · Strong financial position maintained: pro forma net cash £293m
6 and £362m of committed undrawn bank facilities; statutory net cash £199m
Current legislation and government guidance relating to Covid-19 prohibits public gatherings and restricts non-essential travel. In light of the government s announced Covid roadmap, it appears highly unlikely that shareholders will be legally able to physically attend the AGM. The Board has therefore decided to hold the AGM as a closed meeting with only the requisite Company personnel attending to enable the formal business of the AGM to be conducted. Shareholders should therefore not attend the AGM in person and are strongly encouraged to submit their votes by appointing the chairman of the meeting as their proxy.
Full details on how to submit proxy votes and the deadline to do so can be found on page 6 of the Notice of AGM.