I've had a closer look at this, and should revise my statement here. I am here talking about "cash earnings" (ie expensing all R&D, including that amortised). Yes, on this basis I get underlying pre-tax growth of close to 10%. However, this is distorted somewhat by the fact that there was a very large increase in total R&D expenditure in the prior financial year (to the tune of 26%). If I "normalise" R&D expenditure, then I get underlying pre-tax earnings growth that is only a smidgen higher than what was reported by the company.
For what it's worth. I certainly don't think anyone should be getting hung up on such fine tuning of growth numbers in any one year.
Ann: Appendix 4E, Annual Report and Financial Statements, page-16
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