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Adept announce interim dividend increased by 4% to 5.10p per share

Investment Tools Ltd.
Adept announce interim dividend increased by 4% to 5.10p per share

On 7 April 2019 the Adept Technology Group paid dividends of £1,194,165 in relation to the interim dividend declared in September 2018.

On 25 September 2019, the Directors announced their intention to declare an interim dividend in respect of these interim results. An interim dividend of 5.10p per Ordinary Share has been declared in respect of the period ended 30 September 2019, an increase of 4.1% over the interim dividend for the comparative period (2018: 4.90p). This will absorb approximately £1.2 million of shareholders' funds (2018: £1.2 million). It is proposed by the Directors that this dividend will be paid on 6 April 2020 to shareholders who are on the register of members on the record date of 13 March 2020. The ex-dividend date will be 12 March 2020. 

Dividend cover for the interim period was 3.0x (2018: 3.0x). Strong free cash flow generation has continued since the end of the period, and there continues to be scope for the Board to continue its progressive dividend policy.

Other financial highlights include:

Total revenue increased by 26% to £30.8 million (2018: £24.4 million)

Managed services revenue increased by 39% to £25.1 million (2018: £18.0 million)

Managed services revenue up to 82% of total revenue (2018: 74%)

EBITDA increased by 18% to £6.1 million (2018: £5.2 million)

EBITDA margin 20% (2018: 21%)

Adjusted profit after tax increased by 4% to £3.9 million (2018: £3.7 million)

Adjusted fully diluted EPS increased by 4% to 15.3p (2018: 14.6p)

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