An interim dividend of 2.3p has been declared by the XPS Pensions Board (2019: 2.3p). The interim dividend amounting to £4.7 million (2019: £4.7 million), will be paid on 4 February 2021 to those shareholders on the register on 8 January 2021.
Other financial highlights include:
Total revenue of £61.4 million up 9% YoY; up 6% excluding the impact of bolt on M&A
Second consecutive half year of YoY growth in Pensions Actuarial and Consulting revenues (+5% YoY)
Adjusted EBITDA of £14.7 million up 11% YoY with margin held flat at 24% YoY
Adjusted operating profit of £12.3 million (+ 8% YoY)
Exceptional and non-trading items in the half year were £8.5 million (2019: £5.9 million) mostly non-cash; YoY increase due to a higher share based payment charge and COVID-19 related spend
Strong cash conversion maintained, operating cash-flow conversion (3) of 134% (2019: 44%) resulting in net debt/adjusted EBITDA of 1.78x as at 30 September 2020 (2019: 2.34x)