For the year ended 31 December 2019, Janus Ltd achieved a gross profit margin of 25% on sales of 40million, with operating expenses amounting to 5million and net profit after tax of 3.6million. There were no changes during the year in the companys capital structure, which included 8million of equity and reflected a gearing ratio of 20%. What was the companys return on capital employed (ROCE) for the year, rounded to the nearest whole percentage?

Select one:

45%

25%

62%

50%