The Vitec Board has recommended a final dividend of 26.7 pence per share amounting to £12.2 million (2018: 25.5 pence per share, amounting to £11.5 million). The final dividend, subject to shareholder approval at the 2020 Annual General Meeting, will be paid on Friday, 29 May 2020 to shareholders on the register at the close of business on Friday, 24 April 2020. This will bring the total dividend for the year to 39.0 pence per share (up 5.4%). A dividend reinvestment alternative is available with details available from our registrars, Equiniti Limited.
Other financial highlights include:
- Robust financial performance despite non-repeat of the Winter Olympics
- Stable adjusted operating margin including benefit from self-help actions
- Impact of two, specific, one-off events: severe retailer destocking in Imaging Solutions and slower than expected recovery at SmallHD following the fire in 2018
- Statutory operating profit of £32.0 million (2018: £40.2 million) after £20.4 million (2018: £13.3 million) of adjusting items, including previously announced restructuring
- Strong financial position: net debt of £96.0 million is £7.4 million lower than 2018 (excl. IFRS 16) and net debt to adjusted EBITDA* is 1.2x