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 2017 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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Group revenue (£ billion) Group profit before tax (£ billion) Return on capital employed (per cent) Earnings per share (pence) Dividend per share (pence) Net cash generated before dividends (£ million) 2014 10.3 2015 2016 2017 10.3 10.4 10.6 622.9 661.2 684.1 613.8 14.7 15.0 13.7 14.8 32.2 33.1 34.8 30.4 17.0 18.0 18.7 18.7 427.9 524.2 539.3 585.4