The SThree Board has proposed to increase a final dividend to 10.2 pence per share (2018: 9.8 pence). Taken together with the interim dividend of 5.1 pence per share (2018: 4.7 pence), this brings the total dividend for the year to 15.3 pence per share (2018: 14.5 pence). This represents a 6% increase in dividend per share versus the prior year. The final dividend, which amounts to approximately £13.5 million, will be subject to shareholder approval at the 2020 Annual General Meeting. It will be paid on 5 June 2020 to shareholders on the register on 1 May 2020.
Other financial highlights include:
Record revenue and profit for the Group
Revenue of £1.35bn up by 6%
Adjusted operating profit grew by 9% to £60.0m, a record level for the Group
Adjusted profit before tax up 11% YoY to £59.1m (2018: £53.4m)
Reported profit before tax up 21% YoY to £56.8m (2018: £47.0m)
Strategic focus driving net fees growth for the full year of 5%
Strong growth in USA, Continental Europe and Asia Pacific & Middle East
Good growth across Technology, Life Sciences, Energy & Engineering
86% of Group net fees generated from international markets (2018: 83%)
Strong growth in Contract net fees up 8%, in line with strategy, now representing 74% of Group net fees (2018: 72%)
Permanent net fees down 3%
Further improvements in operational performance
0.6% pts improvement in conversion ratio to 17.5%, reflecting strong trading performance and cost savings delivered from the restructuring of support functions
Bolstered management teams
Implemented new strategic process and defined new strategic pillars
Strong cash conversion underpins 6% increase in full year dividend to 15.3p (2018: 14.5p)
Year-end net cash position of £10.6m; underlining the cash flow resilience of their Contract emphasis and tighter working capital management.
