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Earnings per share

12 Months Ended

Dec. 31, 2024

B4	Earnings per share

Basic earnings per share are calculated based on earnings attributable to ordinary shareholders, after related tax and non-controlling interests, divided by the weighted average number of ordinary shares outstanding during the year, excluding those held in employee share trusts, which are treated as cancelled. For diluted earnings per share, the weighted average number of shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. No adjustment is made if the impact is anti-dilutive overall.

2024

Net of tax

Non-

and non-

Basic

Diluted

Before

controlling

earnings

tax

Tax

interests

per share

cents

Based on profit for the year

2,953

(538)

(130)

2,285

84.1

84.0

Short-term interest rate and other market fluctuations

105

(9)

106

3.9

Loss attaching to corporate transactions

–

(26)

1.7

Based on adjusted operating profit

3,129

(547)

(146)

2,436

89.7

89.6

2023

Net of tax

and non-

Basic

Diluted

Before

Non-controlling

controlling

earnings

tax

Tax

interests

per share

cents

Based on profit for the year

2,097

(385)

(11)

1,701

62.1

61.9

Short-term interest rate and other market fluctuations

774

(59)

–

715

26.1

26.0

Loss attaching to corporate transactions

–

0.8

Based on adjusted operating profit

2,893

(444)

(11)

2,438

89.0

88.7

2022

Net of tax

and non-

Basic

Diluted

Before

Non-controlling

controlling

earnings

tax

Tax

interests

per share

cents

Based on loss for the year

(643)

(354)

(10)

(1,007)

(36.8)

Short-term interest rate and other market fluctuations

3,420

(185)

(1)

3,234

118.2

Gain attaching to corporate transactions

(55)

–

(55)

(2.0)

Based on adjusted operating profit

2,722

(539)

(11)

2,172

79.4

For 2024, the weighted average number of shares for calculating basic earnings per share, that excludes those held in employee share trusts, is 2,715 million (2023: 2,741 million; 2022: 2,736 million). After including a dilutive effect of the Group's share options and awards of 5 million (2023: 6 million), the weighted average number of shares for calculating diluted earnings per share is 2,720 million (2023: 2,747 million). As the Group made a loss for the year in 2022, the potential ordinary shares from the Group's share options and awards (see note B2.2) would be anti-dilutive and therefore not included in the diluted earnings per share calculation as it is not permissible for the diluted earnings per share to be greater than the basic earnings per share.