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FINANCIAL reviewE x e c u t i v e s u m m a r yNet sales in 2005 were £722.1 million, which is a 383%increase compared with 2004 sales of £149.6 million.Operating profit amounted to £66.7 million, increasingby 176% and earnings before interest, tax, depreciationand amortisation, EBITDA, increased by 208%, amountingto £86.1 million. Profit before tax amounted to £38.4million reflecting the increase in operating profit, offsetby higher interest charges resulting from the cost ofservicing the increased debt used to acquired Geest andHitchen Foods. Cash generated from operations totalled£103.6 million and free cash generated by operatingactivities was £65.6 million. Earnings per share increasedfrom 0.8 pence to 2.0 pence and return on equity was30.0% compared with 16.4% in 2004.43