A final dividend of 6.5 pence per ordinary share (2018: 6.5 pence) is being recommended for payment on 8 June 2020 to shareholders on the register at the close of business on 11 May 2020. This is in addition to their interim dividend paid in September 2019 of 3.2 pence per ordinary share (2018: 3.0 pence), which was paid alongside a supplementary dividend of 5.0 pence per ordinary share (2018: 6.5 pence).
The proposed dividend reflects the Board's continued confidence in the long-term fundamentals of the business.
Other financial highlights include:
•Solid revenue growth of 5%, reflecting growth in both their Clay and Concrete divisions
•Adjusted EBITDA of £122 million, representing growth of 2% excluding a c.£7 million benefit from the adoption of IFRS 16
•Adjusted EPS for 2019 marginally lower year-on-year, reflecting a higher effective tax rate for the year of 18.9% (2018: 17.4%)
•Statutory PBT and EPS for 2019 are lower year-on-year, primarily reflecting exceptional profits on disposal of surplus property in FY18
•Continued strong cash flow generation enabled an additional 5.0 pence per share supplementary dividend paid in September 2019
•Net debt at year end, at £85 million, a net debt/EBITDA ratio of 0.7x (pre-IFRS 16), towards lower end of target range