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Adjusted EBITDA

The Group defines Adjusted EBITDA as operating profit before depreciation and amortisation, exceptional items and the share of results of equity-accounted investees. The Group defines Adjusted EBITDA margin as Adjusted EBITDA as a percentage of revenue. Adjusted EBITDA, Adjusted EBITDA margin and Adjusted free cashflow conversion are supplemental measures of the Group’s performance and liquidity that are not required to be presented in accordance with IFRS.

The Directors use the Adjusted EBITDA and Adjusted free cashflow conversion as the performance measures of the business. They remove significant items that would otherwise distort comparability.

The use of these alternative performance measures is consistent with how institutional investors consider the performance of the Group. These measures are not defined in IFRS and thus may not be comparable to similarly titled measures by other companies.

  Year to 30 September 2019
9 months to 30 September 2018
Operating profit 42,217 28,216
Exceptional expense 11,693 -
Share of results of equity-accounted investees, net of tax 536 166
  54,446 28,382
Depreciation and amortisation (note 11) 8,771 7,466
Adjusted EBITDA 63,217 35,848
Adjusted EBITDA margin 20.2% 18.5%