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12 months ended June

2016*
£m 
2017
£m 
2018
£m 
2019
£m 
2020
£m  
Revenue 1,382 1,660 1,920 2,112 1,339
Operating profit 261 322 382 411 148
Operating profit as a percentage of turnover 18.9% 19.4% 19.9% 19.5% 11.1%
Profit before tax  250 315 380 406 140
Net assets 1,041 1,235 1,483 1,585 1,626
Net (debt)/cash (139) (73) 63 124 (126)
Gearing – net debt as a percentage of capital and reserves 13.3% 5.9% N/A N/A 7.7%
Return on capital employed – operating profit before
exceptional items adjusted for joint ventures as a
percentage of opening and closing capital employed
23.7% 26.0% 28.5% 28.5% 9.2%
Return on equity 26.1% 27.7% 28.0% 26.5% 8.7%
Number of legal completions 4,716 5,319 5,718 6,443 4,032
Earnings per ordinary share 55.4p 70.2p 85.3p 92.3p 32.9p
Dividends paid per ordinary share inc cash return 8.0p 12.0p 20.0p 59.0p -
Net asset value per ordinary share 281.5p 334.0p 401.0p 450.0p 461.7p

* Restated to reflect change in accounting policy.