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Hunting declare interim dividend of 5.0 US cents

Investment Tools Ltd.
Hunting declare interim dividend of 5.0 US cents

Hunting have declared an interim dividend of 5.0 cents declared (H1 2018 - 4.0 cents), absorbing cash of approximately $8.3m (H1 2018 - $6.6m), payable to shareholders on 23 October 2019, with a record date of 4 October 2019.

Other financial highlights include:

15% increase in revenue reported in the period as performance of US, EMEA and Asia Pacific segments deliver growth.

Gross margin of 29% (H1 2018 - 31%) and EBITDA margin of 15% (H1 2018 - 16%) achieved in the period - impacted by Hunting Titan.

Strong net cash position reported at 30 June 2019 of $33.4m, which includes $47.1m for lease liabilities (Net cash reported at 30 June 2018 of $39.0m and 31 December 2018 of $61.3m both exclude lease liabilities).

The Group generated a statutory cash inflow of $19.6m in the period.

Adoption of IFRS 16 Leases from 1 January 2019 benefits EBITDA with the removal of $4.6m of lease costs at the half year point. On a like-for-like basis EBITDA is in line with H1 2018. Prior period financials have not been restated for IFRS 16, as the standard is being adopted with effect from 1 January 2019. Additional depreciation of $4.0m in the half year is charged to the income statement on the capitalised lease assets and accordingly operating profit benefits by a net $0.6m at the half year point. Additional finance charges of $1.1m are recognised in the half year results and result in a net $0.5m deterioration in profit before tax from the adoption of IFRS 16. The balance sheet as at 30 June 2019 now reflects capitalised right-of-use assets of $39.6m and $47.1m of lease liabilities. 

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