Definition of underlying basis a measure of "underlying" profits or sales tends to strip out items that distort a company's trading performance, such as exchange rate movements or acquisition costs.
Precisely.
As a 'management generated number' it is not audited, has no statutory application and is irrelevant.
It is worth noting that United States experience with non-GAAP 'management numbers' sees many 'analysts' report and use such fictional measures as recommendations for particular companies.
As Gordon Gekko correctly stated,
"Their analysts don't know preferred stock from livestock'
And of course don't forget the Catering business sale. One off items, like terminal leases cashed in, catering unit sales and other 'compensation' one offs are not evidence of a good management.