The Clinigen PLC Board is committed to a sustainable and progressive dividend policy and expects interim and final dividend payments to be split approximately one-third to two-thirds respectively.
The Board has maintained the interim dividend at 2.15p per share (2019: 2.15p). The interim dividend will be paid on 13 April 2021 to shareholders on the register on 19 March 2021.
Over financial highlights include:
Total net revenue up 4% on an organic basis to £231.9m (2019: £224.6m) in spite of COVID-19 headwinds. Organic net revenue growth for FY21 is now expected to be in the upper half of the 5% to 10% range, up from the lower end as previously guided, driven by the Services division.
As expected, adjusted EBITDA decreased by 9% on an organic basis to £54.6m (2019: £62.1m) reflecting the impact of COVID-19 (5%-10% headwind) and a change in gross profit mix partially offset by good cost control. Management expect a stronger H2 weighting to EBITDA in-line with prior guidance. Adjusted EPS down 15% to 26.2p (2019: 30.8p).
Excellent adjusted operating cash flow of £60.7m, reflecting continued reversal of prior year working capital headwind and continued focus on cash conversion.
Net debt as at 31 December 2020 of £351.5m, (£329.7m excl. IFRS 16 adjustment) representing leverage of 2.8x, well below temporary banking covenant of 3.5x. Group expected to de-lever significantly over the course of this year, with target leverage of below 2.0x still anticipated within calendar year.
Interim dividend of 2.15p. Clinigen has not participated in any government funding scheme related to the COVID-19 pandemic.