The CareTech Board policy is to increase the dividend broadly in line with the movement in underlying diluted earnings per share continues. In line with this policy, the Board recommend an interim dividend of 4.6p (2020: 4.0p) per share, to be paid on 19 November 2021 to shareholders on the register at the close of business on 22 October 2021.
Other financial highlights include:
Strong underlying performance of the business
Revenue growth of 16.5% to £243.0m (2020: £208.5m) driven by organic growth, acquisition of Smartbox, transfer of adult's specialist services sites from The Huntercombe Group and constructive fee negotiations
Underlying EBITDA increase of 19.1% to £49.4m (2020: £41.5m)
Strong balance sheet with net debt reducing to £263.1m (£268.9m at 30 September 2020) and leverage reduced to 2.8x net debt/ adjusted EBITDA
Net cash before non underlying operating activities of £49.2m (2020: £38.2m) and operating cash flow conversion of 99.7%
Write back of £11.8m provision following Supreme Court judgement regarding sleep-in shifts in March