Underlying operating profit (before JVs and associates) has increased by 43%, reflecting increased revenues and an increase in the margin of 1.8%
Why this is important
This is the principal measure used to assess the success of the Group's strategy.
We are focused on driving growth in operating profit in order to drive higher and sustainable returns for our investors.
How we calculate
Underlying operating profit is defined as operating profit before non-underlying items and the results of JVs and associates.
Underlying operating margin is calculated as underlying operating profit expressed as a percentage of revenue.
See the consolidated income statement
What we target
Our target is to double 2016 underlying profit before tax over the next four years (by 2020).Our ongoing aim is to generate steady margin improvement in 2018 and beyond.