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G4S announce a maintained final dividend of 6.11p per share

Investment Tools Ltd.
G4S announce a maintained final dividend of 6.11p per share

Following the conventional cash sale, the G4S Board has reviewed the Group’s dividend policy. The Board has decided to maintain the total dividend for the year ended 31 December 2019 and will propose a final dividend of 6.11p per share bringing the total dividend for the year to 9.7p per share in line with the prior year. This represents underlying dividend cover of 1.75x based on 2019 earnings per share. Going forward the Board believes that the Group should maintain the dividend at the current level and rebuild dividend cover to 2x. Once this level of cover is reached, the Board intends to adopt a progressive dividend policy taking into account a range of factors including the progress of the global economy, the performance of the business as measured by underlying earnings and cash flow, the requirements for capital within the business and the expected performance of the business going forward.

Other financial highlights include:

Group revenue growth +4.7% (2018: +1.0%c) including organic b +4.2% (2018: +1.0%c)

Secure Solutions revenue growth +4.7% (2018: +2.9%c)

Retail Technology Solutions +18.0%

Conventional cash +1.0%

PBITA in line with prior year; reflecting investment in sales, marketing and integrated technology solutions

Operating cash flow £633 million (2018: £582 million) representing cash conversiona of 126% (2018: 118%c)

Net debt to EBITDAe 2.88x (2018: 2.75xc); Proforma post disposal: 2.36xg

Statutory loss of £91 million (2018: earnings of £81 millionc) reflecting a £291 million charge for goodwill impairment (2018: £nil), mainly relating to UK Cash Solutions, £19 million restructuring (2018: £30 million) and £38 million Cash separation costs 

(2018: £nil)

Cash business disposal proceeds of £670 million and profit on sale c£300 million will be accounted for in 2020

Streamlined organisation facilitates incremental cost efficiencies of £15-20 million through 2020-21 

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