Equiniti have increased their interim dividend. There has been a growth of 7.1% to 1.95 pence per share, in line with their progressive dividend policy which targets distribution of c30% of underlying profit attributable to ordinary shareholders each year.
Other financial highlights include:
Revenue growth of 8.3%, with organic revenue growth of 3.2%. Strong organic revenue growth of 10.7% in EQ US, 7.2% in Intelligent Solutions and 5.0% in Investment Solutions offset by 8.6% decline in Pension Solutions
Underlying EBITDA growth of 3.9% reflecting strong divisional growth offset by the expected decline in Pension Solutions with a margin decline of 1.0pts
Strong EBIT and profit after tax growth reflecting underlying EBITDA growth and a reduction in non-operating charges related to the acquisition of EQ US
Operating cash flow conversion of 83% reflecting higher level of seasonal payments
Leverage of 2.8x on a post-IFRS 16 basis (30 June 2018: 3.0x), 2.6x on a pre-IFRS 16 basis
(30 June 2018 2.8x); further deleveraging expected in H2 2019