accounts demystified 25% 21.0% 20% 15% 10% 5% 0% 17.6% 16.2% 14.6% 13.3% Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Figure 9.1 Wingate's return on capital employed This suggests that the ROCE has gone down drastically, Chris! Are you sure it's right? It is right and it's pretty worrying. There is a very clear, steep downward trend here. If that keeps going, you are going to end up with a business