ConvaTec announces a maintained dividend of 5.7 cent per share
The Convatec Board is proposing to maintain their 2019 full year dividend at 5.7 cents per share, in line with the interim dividend for 2019. Whilst this is outside their stated policy of 35% to 45% of adjusted net profit, resulting from their investment in transformation, it is a reflection of the Board's confidence in the future performance of the Group and its underlying financial strength, distributable reserves position and cash generation of the Group.
Other financial highlights include:
Group reported revenue of $1,827 million declined 0.3% year on year but grew 2.3% organically.
Reported EBIT of $97million, declined 63.8% year on year due to the impairment of acquired intangible assets, transformation investments including MDR and the impact of adverse FX movements.
As expected, adjusted EBIT of $354 million was down 17.5% (2018: $429 million), primarily due to the investment in transformation ($40 million) and Medical Device Regulation ("MDR", $5 million), and the impact of adverse FX movements ($14 million); with adjusted EBIT margin of 19.4% (2018: 23.4%).
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