Company-compiled consensus market expectations for revenue and underlying* profit before tax, on a mean and post IFRS 16** adoption basis, are:
| 2020 £m | |
| Revenue | 731.0 |
| Underlying* profit before tax | 40.2 |
This information was last updated 5 March 2020.
*Underlying is before non-underlying items which includes amortisation of acquired intangible assets, impairment of goodwill, acquisition related fees and associated restructuring costs, movements in deferred and contingent consideration, finance costs on deferred and contingent consideration, non-recurring pension costs in relation to guaranteed minimum pension ('GMP') equalisation, and non-recurring costs relating to senior personnel changes.
**The new IFRS 16 'Leases' accounting standard ('IFRS 16') became effective for financial periods beginning on or after 1 January 2019.
The above figure is a simple arithmetic average of the most recent forecasts that have been provided to Headlam Group plc by registered investment analysts. As such, the figure does not give greater weight to more recent forecasts or to the forecasts of any individual analyst, nor is it adjusted to exclude forecasts that pre-date a significant announcement or event, and therefore may or may not represent the market consensus. This average estimate is not endorsed by Headlam Group plc nor does Headlam Group plc assume any obligation to update or revise it after the date above.