Key performance indicators

We use financial and non-financial key performance indicators (KPIs) to measure progress against our strategy.

Last year, to reflect our focus on long-term value creation, we reported four new KPIs – Through-cycle revenue growth, Adjusted* operating profit margin, Return* on invested capital and Adjusted* cash flow conversion from operating activities. We show past performance against the targets for these KPIs, even though they were not being reported in FY2021, FY2022 and FY2023.

We only report on one profit before tax KPI, focusing on Adjusted* profit before tax, as this is the measure that the Board reviews throughout the year to understand the underlying trading performance of the business.*Note 29, Alternative performance measures, defines how each of these measures is calculated.