The Volution Group plc Board has declared an interim dividend of 2.8 pence per share, up 12.0% (H1 2023: 2.5 pence), reflecting the strong first half performance and demonstrating the Board's confidence in the Group's prospects. The interim dividend will be paid on 7 May 2024 to shareholders on the register at the close of business on 2 April 2024.
Other financial highlights include:
Group revenue up 6.3%; +0.9% organic, +7.8% inorganic and -2.4% impact from foreign exchange
Strong performance from UK residential (+19.4%) and acquisitions offset weaker results in UK OEM and Continental Europe
Adjusted operating profit of £38.6m, up 12.9% on the prior year, statutory profit before tax up 28.4% to £29.0 million (H1 2023: £22.6 million)
Further expansion of adjusted operating margin to 22.4% (H1 2023: 21.1%), driven by strong pricing discipline and operational excellence initiatives
Adjusted operating cash flow up 26.9% on prior year to £38.8 million (H1 2023: £30.6 million), cash conversion of 98% (H1 2023: 88%)
Balance sheet remains strong (leverage ex-leases at 0.7x), providing significant headroom for earnings accretive acquisitions
