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Owner Reviews


The Board and Executive Committee team have set operational KPIs which are tracked, and reviewed, at each Board and Executive meeting in order to assess performance.

The year end was 1 April 2013.

Group revenue (£m)
(continuing operations)

Group Revenue

The group’s revenues declined by 2% as the growth in the Digital business was offset by the fall in magazine revenues. Stronger sterling also impacted overseas revenue.

Digital UK revenue (£m)

Trader Digital Revenue

A good performance from the Digital division as revenues grew by 5% over last year. This achievement was delivered despite the lack of vehicles in the market and was the result of growth in the core dealer offering from a new package approach coupled with the success of RAZSOR.

(continuing operations)


EBITDA** growth of 1% was achieved as the group benefited from a higher margin and growing Digital business. Record levels of marketing spend boosted audience levels to new highs but tempered the EBITDA improvement.

Covenant net debt (£m)

Covenant net debt

Strong operating cash flow of £130.1 million reduced net debt following the refinancing and distribution to shareholders in 2011/12. Leverage* fell to below four times EBITDA.

*as defined by the group’s Senior Facilities Agreement.
**as defined on page 30


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