Company-compiled consensus market expectations for revenue and underlying* profit before tax, on a mean and post IFRS 16** adoption basis, are:
| 2019 £m | 2020 £m | |
| Revenue | 716.4 | 729.3 |
| Underlying* profit before tax | 39.1 | 40.1 |
This information was last updated 17 January 2020.
*Underlying is before non-underlying items which includes amortisation of acquired intangibles, acquisition related costs, contingent consideration movements, non-recurring pension costs in relation to guaranteed minimum pension ('GMP') equalisation and non-recurring costs relating to senior personnel changes.
** IFRS 16 'Leases' accounting standard came into effect on 1 January 2019. The Company currently anticipates, subject to completion of the 2019 audit, that 2019 underlying* profit before tax will be impacted by a reduction of £0.8 million due to the adoption of IFRS 16 and that 2020 underlying* profit before tax will be impacted similarly.
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.