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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 cash flow 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 cash flow conversion as key 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 2020
Year to 30 September 2019
Operating profit 33,643 42,854
Net exceptional expenses (note 8) 24,190 11,693
Share of results of equity-accounted investees, net of tax (note 23) 165 536
  57,998 55,083
Depreciation and amortisation (note 11) 13,027 11,868
Adjusted EBITDA 71,025 66,951
Adjusted EBITDA margin 20.8% 21.4%