In April, amidst the uncertainty of the depth and duration of the impact of COVID-19 and the associated restrictions, the Bodycote Board announced that it would be keeping the 2019 final dividend payment under review. In light of management's strong reaction to the downturn, which has allowed the business to remain profitable and cash generative throughout this period, the Board has decided that a deferred dividend for 2019 of 13.3p will now be paid on 25 September 2020 to all shareholders on the register at close of business on 28 August 2020.
Other financial highlights include:
The decision on an interim dividend for 2020 will be made in due course.
Results significantly impacted by pandemic related downturn
Immediate cost saving initiatives implemented; H1 operational gearing at 42%
Restructuring activities stepped up, yielding permanent future annualised cost savings of £58m
Excellent free cash flow of £69.7m, net debt £23.6m (pre IFRS16)