Since 30 June 2020, the FDM Group has paid three dividends in respect of the year to 31 December 2020. A first interim dividend of 18.5 pence per ordinary share was paid on 4 September 2020. This matched the final dividend that was originally proposed by the Board in respect of the year to 31 December 2019, which was withdrawn as the impact of COVID-19 was unfolding. On 27 January 2021, the Board declared a second interim dividend of 13.0 pence per ordinary share, which was paid to shareholders on 26 February 2021. The Board proposed a final dividend of 15.0 pence per ordinary share, approved by shareholders at the AGM held on 28 April 2021, which was paid on 4 June 2021. This took the total dividend in respect of the year to 31 December 2020 to 46.5 pence per share, an increase of 191% on 2019.
As indicated at the time of the 2020 full year results in March, the Group is resuming the application of its progressive dividend policy, retaining sufficient capital to fund ongoing operating requirements, and maintaining an appropriate level of dividend cover and sufficient funds to invest in the Group's longer-term growth. On 27 July 2021, the Directors declared an interim dividend of 15.0 pence per ordinary share (2020: 18.5 pence) which will be payable on 3 September 2021 to shareholders on the register on 6 August 2021.
Other financial highlights include:
Good progress in the first half of the year, despite ongoing challenges presented by the pandemic, with trading comfortably in line with the Board's expectations.
Strong levels of demand for their Mounties and high deal volumes across most of their regions, most notably in the UK and APAC. In North America, they have seen good demand in Canada; the US has been more subdued, although more recently is showing encouraging signs of increased demand.
Mounties assigned to clients at week 26 were up 5% from a year previous at 3,841 (2020: 3,656) and up 7% since the 2020 year end.
Mountie utilisation rate for the six months to 30 June 2021 was 96.9% (2020: 95.0%).
Group revenue down 7% (down 4% on a constant currency basis) compared to the six months to 30 June 2020, due to the impact of a lower average number of Mounties deployed during the first half of 2021, reflecting the very strong first quarter 2020 performance ahead of the pandemic.
Strong revenue growth achieved in EMEA and APAC, with revenues up 15% and 24% respectively.
Recruitment and training levels ramped up significantly in the first half to meet growing client demand; training completions in the first half were up 23% to 1,025 (2020: 831). Current trainee numbers are at record levels.
From July 2021 their trainees in the UK will be employed and paid a salary from the first day of their training, in line with their other territories.
37 new clients secured globally (2019: 28) of which 31 were outside the financial services sector; progress in the government, pharmaceutical, healthcare, life sciences and telecommunications sectors.
Strong balance sheet, with £44.7 million cash at period end (2020: £58.3 million), lower than prior June as a result of £30.5 million dividends paid in first half of 2021 (2020: £ nil).
Cash conversion of 93.3% (2020: 143.3%), in line with the Board's expectations. Cash conversion in the prior year reflected a higher level of accruals.
Group well placed to achieve the Board's expectations for the full year and to deliver long-term growth.
