Annual report and accounts 2023 - Flipbook - Page 160
A.G. BARR p.l.c. Annual Report and Accounts 2023
Notes to the Accounts continued
8.
Taxation continued
The tax on the Group's profit before tax differs from the amount that would arise using the tax rate applicable to the consolidated profits of the Group as follows:
2023
£m
2023
%
2022
£m
2022
%
Profit before tax
Tax at 19% (2022: 19.0%)
Tax effects of:
Items that are not deductible in determining taxable profit
Current tax adjustment in respect of prior years
Deferred tax adjustment in respect of prior years
Deferred tax adjustment in respect of change in corporation tax rates
44.4
8.4
19.0
42.2
8.0
19.0
2.1
0.7
(0.7)
–
4.6
1.6
(1.6)
–
0.4
(0.3)
0.6
5.7
0.9
(0.7)
1.4
13.5
Total tax expense
10.5
23.6
14.4
34.1
The weighted average tax rate was 23.6% (2022: 34.1%).
In March 2021, the UK Government announced that the corporation tax rate would increase from 19% to 25% effective from 1 April 2023, which was substantively enacted on
24 May 2021. The impact of this was a one-off increase in the deferred tax charge of £5.7m. The Finance Act 2022, which received Royal Assent on 24 February 2022, will not
have any impact on the corporation tax figures.
9.
Earnings per share
Basic earnings per share has been calculated by dividing the earnings attributable to equity holders of the parent by the weighted average number of shares in issue during the
year, excluding shares held by the employee share scheme trusts.
Profit attributable to equity holders of the Company (£m)
Weighted average number of ordinary shares in issue
Basic earnings per share (pence)
2023
2022
33.9
111,258,209
27.9
111,187,778
30.47
25.09
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive ordinary shares. These
represent share options granted to employees where the exercise price is less than the average market price of the Company’s ordinary shares during the year. The number
of shares as calculated above is compared with the number of shares that would have been issued assuming the exercise of the share options.
2023
2022
Profit attributable to equity holders of the Company (£m)
Weighted average number of ordinary shares in issue
Adjustment for dilutive effect of share options
33.9
111,258,209
920,512
27.9
111,187,778
657,074
Diluted weighted average number of ordinary shares in issue
112,178,721
111,844,852
30.22
24.95
Diluted earnings per share (pence)
158
