As with many businesses, Marks and Spencer plc (M&S), the retailer, has identified a number of key performance indicators (KPIs). Typical of such businesses, M&S publishes the results for each of these in its annual report. It also shows how these KPIs have scored over the recent years before each annual report date.
In its 2020 annual report, M&S set out the following information:

Required:
Discuss what M&S’s KPIs seem to suggest about the business’s progress over the four years.

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2017 2018 2019 2020 Group revenue ( million) 10,662 10,698 10,377 10,182 Group profit before tax ( billion) 614 581 512 403 Return on capital employed (per cent) 13.7 14.0 11.8 10.0 Earnings per share (pence) 30.4 27.8 23.7 16.7 Dividend per share (pence) 18.7 18.7 13.3 3.9 Net cash generated before dividends 585 418 581 225 ( million)