Key highlights
Group revenue marginally ahead of the top end of previous guidance up 6.4% on a CCY basis
Revenue excluding this year's acquisitions, up 4.9% on a CCY basis
Like for like revenue (excluding acquisitions made in the last two years) down by 0.4% on a CCY basis
o Second half like for like revenue growth of 2.2% with Licence fee revenue growth of 5.4%
o Licence fee revenues grew by 2.3% year on year
o Maintenance revenues declined by 0.8% year on year
o Consultancy revenues lower as planned
Adjusted EBITDA margin on a CCY basis of 44.3% (2013: 44.5%)
o Underlying Adjusted EBITDA margin on a CCY basis of 45.3% (2013: 44.0%)
Growth in earnings per share
o Diluted EPS grew by 9.5% to 82.35 cents (2013: 75.23 cents)
o Adjusted diluted EPS grew by 14.9% to 97.48 cents (2013: 84.87 cents)
Strong cash conversion in the period
o Cash generated from operations was $206.8m (2013: $192.4m) representing 107.7% (2013: 103.4%) of Adjusted EBITDA
o Net debt at 30 April 2014 increased by $83.3m to $261.0m (2013: $177.7m) following payment of dividends of $62.6m (2013: $57.2m), Return of Value of $140.2m (2013: $128.8m) and acquisition consideration and costs of $36.6m (2013: $15.6m)
o Net debt to RCF EBITDA multiple of 1.3 times (2013: 0.9 times)
Enhanced returns for shareholders
o Return of 60 pence per share in cash to shareholders (equivalent to 93.3 cents per share) (the "Return of Value") completed in November 2013 at a total cost of $140.2m
o Proposed final dividend increased by 6.8% to 30.0 cents per share (2013: 28.1 cents per share)
o Proposed total dividend increased by 10.0% to 44.0 cents per share (2013: 40.0 cents per share)
