Segment information, as discussed in note 1 (q), 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 each segment's 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.

Goodwill and intangible assets acquired on business combinations are included in the region to which they relate. This is an update on prior year when, outside of Asia, they were previously included in 'common' segment assets. The comparatives have been restated to reflect this. This is consistent with the internal management reports that are reviewed by the Chief Operating Decision Maker.

Geographical operating segments

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

— UK
— Europe:includes Norway, Sweden, Hungary, Ireland, Holland, Italy, Germany 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 2016UK^
£000
Europe
£000
USA
£000
Asia
£000
Common
costs ^
£000
Total
£000
Revenue
Revenue from external customers64,15654,0304,60238,582161,370
Inter segment revenue2,057341975,8048,299
Total revenue66,21354,3714,69944,386169,669
Underlying operating result6,1726,8804016,730(3,390)16,793
Net financing costs(278)(107)(2)(29)(375)(791)
Underlying segment result5,8946,7733996,701(3,765)16,002
Separately disclosed items (see note 2)(2,925)
Profit before tax13,077
Specific disclosure items
Depreciation and amortisation2311,18122833642,331
Assets and liabilities
Segment assets36,52563,5683,16450,2954,481158,033
Segment liabilities(15,792)(14,952)(385)(9,679)(33,475)(74,283)

^ Including the offset of the UK overdrafts from Common costs, as allowable under financing agreements with HSBC.

March 2015UK^
£000
Europe
£000
USA
£000
Asia
£000
Common
costs ^
£000
Total
£000
Revenue
Revenue from external customers65,46346,3164,31138,651154,741
Inter segment revenue1,935413625,4967,906
Total revenue67,39846,7294,37344,147162,647
Underlying operating result5,8326,4613275,731(3,077)15,274
Net financing costs(308)(125)(1)(58)(474)(966)
Underlying segment result5,5246,3363265,673(3,551)14,308
Separately disclosed items (see note 2)(2,459)
Profit before tax11,849
Specific disclosure items
Depreciation and amortisation17068816837571,768
Assets and liabilities
Segment assets39,64245,4072,26750,2224,254141,792
Segment liabilities(19,684)(9,763)(413)(11,878)(28,374)(70,112)

^ Including the offset of the UK overdrafts from Common costs, as allowable under financing agreements with HSBC.

There was no material difference in Europe and USA between the external revenue based on location of the entities and the location of the customers. Of the UK external revenue £10.4m (2015: £9.6m) was sold into the European market. Of the Asian external revenue, £3.89m (2015: £3.59m) was sold into the American market and £5.88m (2015: £5.92m) sold into the European market.

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