Table:
|  | 2019 | (Restated) 2018 |
| --- | --- | --- |
|  | £m | £m |
| Total segment Revenue | 355.1 | 330.1 |
| Total segment Operating profit | 243.7 | 221.3 |
| Finance costs – net | (10.2) | (10.6) |
| Profit on the sale of subsidiary | 8.7 | – |
| Profit before tax | 242.2 | 210.7 |
Paragraphs:
4. Segmental information
IFRS 8 ‘Operating segments’ requires the Group to determine its operating segments based on information which is provided internally. Based on the internal reporting information and management structures within the Group, it has been determined that there is only one operating segment, being the Group, as the information reported includes operating results at a consolidated Group level only. This reflects the nature of the business, where the major cost is to support the IT platforms upon which all of the Group’s customers are serviced. These costs are borne centrally and are not attributable to any specific customer type or revenue stream. There is also considered to be only one reporting segment, which is the Group, the results of which are shown in the Consolidated income statement.
Management has determined that there is one operating and reporting segment based on the reports reviewed by the Operational Leadership Team (‘OLT’) which is the chief operating decision-maker (‘CODM’). The OLT is made up of the Executive Directors and Key Management and is responsible for the strategic decision-making of the Group.
The OLT primarily uses the statutory measures of Revenue and Operating profit to assess the performance of the one operating segment. To assist in the analysis of the Group’s revenue-generating trends, the OLT reviews revenue at a disaggregated level as detailed within note 5. The revenue from external parties reported to the OLT is measured in a manner consistent with that in the income statement.
A reconciliation of the one segment’s Operating profit to Profit before tax is shown below.
Following the application of IFRS 16, profit before tax for the year ended 31 March 2018 has been restated (note 2).
Question:
What led to the restating of the 2018 values for profit before tax in the table?
Answer: the application of IFRS 16