Earnings per share
Basic earnings / (loss) per share are computed by dividing net income / (loss) for the period by the weighted-average number of ordinary shares outstanding, net of Treasury shares and shares held in ESOP. Diluted earnings / (loss) per share are computed by dividing net income / (loss) for the period by the weighted average number of ordinary shares outstanding and the dilutive ordinary share equivalents.
Basic and diluted earnings / (loss) per share were calculated as follows:
Years ended December 31,
In millions except share and per-share data202520242023
Basic earnings / (loss):
Net income / (loss) from continuing operations$13.1 $18.3 $(2.6)
Net (loss) / income from discontinued operations(5.4)0.1 0.7 
Net income / (loss)$7.7 $18.4 $(1.9)
Weighted average number of £0.50 ordinary shares:
For basic earnings / (loss) per share26,727,422 26,804,873 26,897,556 
Dilutive effect of potential common stock517,685 279,028 123,403 
For diluted earnings / (loss) per share27,245,107 27,083,901 27,020,959 
Earnings / (loss) per share using weighted average number of ordinary shares outstanding:(1)(2)
Basic earnings / (loss) from continuing operations$0.49 $0.68 $(0.10)
Basic (loss) / earnings from discontinued operations$(0.20)$— $0.03 
Basic earnings / (loss) per ordinary share$0.29 $0.69 $(0.07)
Diluted earnings / (loss) from continuing operations$0.48 $0.68 $(0.10)
Diluted (loss) / earnings from discontinued operations$(0.20)$— $0.03 
Diluted earnings / (loss) per ordinary share $0.28 $0.68 $(0.07)
(1) The calculation of earnings / (loss) per share is performed separately for continuing and discontinued operations. As a result, the sum of the two in any particular year may not equal the earnings-per-share amount in total.
(2) The loss per share for discontinued operations in 2025 and continuing operations in 2023 has not been diluted, since the incremental shares included in the weighted-average number of shares outstanding would have been anti-dilutive.

Historical Timeline

Fiscal YearFiled
2025Feb 24, 2026Showing above
2024Feb 25, 2025
2023Feb 27, 2024
2022Mar 1, 2023
2021Feb 24, 2022
2020Mar 2, 2021
2019Mar 10, 2020
2018Mar 12, 2019

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.