The Board is pleased to confirm an interim dividend for the year ending 31 December 2019 of 11.1 pence per share (H1 2018: 10.6 pence per share), amounting to a cash outlay of £5.7m.
Following payment of the dividend, the Group will continue to maintain significant surplus regulatory reserves. This interim dividend represents circa 90% of the Group's post-tax profits for H1 2019. MAB requires circa 10% of its profit after tax to fund increased regulatory capital and other regular capital expenditure.
Other financial highlights include:
●Revenue up 5% to £60.9m (H1 2018: £57.9m); 9% on an underlying basis.
●Gross profit up 9% to £14.2m (H1 2018: £13.0m)
●Gross margin of 23.3% (H1 2018: 22.5%)
●Overheads ratio (before acquisition costs of 11.2% (H1 2018: 10.9%)
●Profit before tax and acquisition costs up 6% to £7.4m (H1 2018: £7.0m)
●Statutory profit before tax up 3% to £7.2m (H1 2018: £7.0m)
●Profit before tax margin pre acquisition costs of 12.2% (H1 2018: 12.0%)
●Profit before tax margin of 11.8% (H1 2018: 12.0%)
●Adjusted EPS up 5% to 12.3p (H1 2018: 11.7p)
●Basic EPS up 1% to 11.9p (H1 2018: 11.7p)
●Continued high operating profit to adjusted cash conversion of 99% (H1 2018: 108%)