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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Operating
margin
This is the
trading margin for each period reported, 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
excludes 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.
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