REFS is
a mine of invaluable information for the private investor.
Selecting shares without its help is like trying to
clap with one hand tied behind your back.
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MARGIN
(Operating margin)
This is the
operating margin for the last reported period, showing trading
profit as a percentage of sales, or total trading revenues.
The calculation
is as follows:
TRADING PROFIT
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X 100 = MARGIN (%)
TOTAL SALES
Trading profit
is taken to exclude any share of results of associated companies,
and represents normalised pre-tax profit before crediting interest
receivable and rental income, and before charging interest payable.
As trading profit is based on normalised pre-tax profit, it
also excludes all significant exceptional and non-trading elements
of profit or loss, such as amounts written off intangibles or
investments.
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