Group Financial Highlights
· Revenue up 211% to £782.5m (H1 FY16: £252.0m)
· Gross margin up 2.5% points to 12.5% (H1 FY16: 10.0%)
· Profit before tax up 285% to £7.4m (H1 FY16: loss £4.0m)
· Adjusted EBITDA up 252% to £22.9m (H1 FY16: £6.5m)
· Adjusted profit before tax up 295% to £15.4m (H1 FY16: £3.9m)
· Adjusted fully diluted EPS up 142% to 9.2 pence (H1 FY16: 3.8 pence)
· Free cash flow improved 18% to an outflow of £9.2m (H1 FY16: out flow of £11.2m)
· Net debt at £138.4m is 1.2% below pro forma net debt at 1 November 2015 of £140.1m
· Leverage is comfortably below the Adjusted EBITDA bank covenant of 2.50x at 2.19x
· Interim dividend up 100% to 4.2 pence (H1 FY16: interim dividend 2.1 pence), which is currently expected to represent approximately one third of the anticipated full year dividend
