Segment information, as discussed in note 1, is presented in the consolidated financial statements in respect of the Group's geographical segments. This reflects the Group's management and internal reporting structure, and the operating basis on which individual operations are reviewed by the Chief Operating Decision Maker (the Board).

Performance is measured based on segment underlying profit before finance costs and income tax as included in the internal management reports that are reviewed by the Chief Operating Decision Maker. This is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within the industry.

Inter-segment pricing is determined on an arm's length basis.

Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

Segment capital expenditure is the total cost incurred during the period to acquire segment assets that are expected to be used for more than one period.

Geographical operating segments

The Group is comprised of the following main geographical operating segments:

UK
Mainland Europe:includes Norway, Sweden, Hungary, Ireland, Holland and Poland
USA:includes USA and Mexico
Asia:includes Malaysia, China, Singapore, Taiwan, Thailand and India

In presenting information on the basis of geographical operating segments, segment revenue and segment assets are based on the geographical location of our entities across the world, and are consolidated into the four distinct geographical regions, which the Board use to monitor and assess the Group.

March 2013UK
£000
Mainland Europe
£000
USA
£000
Asia
£000
Common Costs
£000
Total
£000
Revenue
Revenue from external customers57,25822,9122,51938,855121,544
Inter segment revenue1,6725641044,2536,593
Total revenue58,93023,4762,62343,108128,137
Underlying Operating result4,1351,1082954,411(1,978)7,971
Net financing costs(471)(1)(1)(195)(50)(718)
Underlying Segment result3,6641,1072944,216(2,028)7,253
Separately disclosed items (see note 2)(811)
Profit before tax6,442
Specific disclosure items
Depreciation and amortisation14049151,0653171,586
Assets and liabilities
Segment assets34,07110,4481,36251,4013,847101,129
Segment liabilities(22,925)(2,817)(150)(13,152)(1,663)(40,707)
March 2012UK
£000
Mainland Europe
£000
USA
£000
Asia
£000
Common Costs
£000
Total
£000
Revenue
Revenue from external customers57,78221,1972,40931,122112,510
Inter segment revenue1,489514354,0526,090
Total revenue59,27121,7112,44435,174118,600
Underlying Operating result2,735522973,764(1,489)5,629
Net financing costs(487)(1)(51)(88)(627)
Underlying Segment result2,248522963,713(1,577)5,002
Separately disclosed items (see note 2)(243)
Profit before tax4,759
Specific disclosure items
Depreciation and amortisation17738186453181,196
Assets and liabilities
Segment assets35,2919,2291,00150,3275,993101,841
Segment liabilities(26,396)(3,072)(255)(16,048)(2,582)(48,353)

There were no major customers that represent more than 10% of the revenue.

There was no material difference in the UK, Europe Mainland and USA regions between the external revenue based on location of the entities and the location of the customers. Of the Asian external revenue, £2.66 million (2012: £2.73m) was sold into the American market and £5.64 million (2012: £4.81m) sold into the European market.

Revenue is derived solely from the manufacture and logistical supply of industrial fasteners and category 'C' components.