On 10 August 2021, the Directors declared an interim dividend of 4.8 cents per share payable in October 2021. This will be paid in US dollars on 15 October 2021 to shareholders on the register as of 10 September 2021. There will be an option for shareholders to elect to receive the dividend in pounds sterling and such an election should be made no later than 24 September 2021.
To date, the Directors have aimed to pay a dividend of approximately 40% of the Company's levered free cash flow for each financial year, with approximately one-third of this amount being paid as an interim dividend. Directors have declared interim dividends based on the Company's levered free cash flow for the prior financial year. Pursuant to the Co-Operation Agreement dated 10 August 2021 entered into between, amongst others, NortonLifeLock, Inc. ("Norton") and the Company and the terms of Norton's announcement of its firm intention to make an offer for the entire issued and to be issued share capital of the Company pursuant to Rule 2.7 of the City Code on Takeovers and Mergers (the "Rule 2.7 Announcement"), the Company is permitted to declare and pay an interim dividend of 4.8 cents per share for the six-month period ended 30 June 2021, without such dividend resulting in a commensurate downward adjustment to the value of Norton's offer. Accordingly, the Directors believe that it is in the best interest of the Company and its shareholders to declare a dividend of 4.8 cents per share for the six-month financial period ended 30 June 2021. Further information regarding the Company's ability to make future interim and final dividends is set out in the Rule 2.7 Announcement.
The foreign exchange rate at which dividends declared in US dollars will be converted into pounds sterling will be calculated based on the average exchange rate over the five business days prior to 27 September 2021 and announced shortly thereafter.
Proposed Dividend Timetable
Ex-dividend Date: 9 September 2021
Record Date: 10 September 2021
Last Date for Currency Election: 24 September 2021
Payment: 15 October 2021
Other financial highlights include:
Good overall performance in line with the Board's expectations
Billings at $482.7m up 2.9% at actual rates, with organic growth of 0.9%
Revenue at $471.3m up 8.8% at actual rates, with organic growth of 10.4%
Consumer Direct Revenue at $401.6m, up 15.0% at actual rates, with organic growth of 13.9%
Adjusted EBITDA up 11.9% to $270.2m; Adjusted EBITDA margin at 57.3%, up 159bps
Adjusted fully diluted earnings per share ('EPS') up 20.5% to $0.20 (versus $0.16 at HY 2020)
Continued strong cash generation with Unlevered Free Cash Flow up 9.0% to $263.1m and Levered Free Cash Flow up 12.6% to $248.8m
Resilient balance sheet with $397.6m of cash and available liquidity. Net debt / LTM ('last twelve months') Adjusted EBITDA at 1.0x at half year
On a statutory basis, Operating profit up $92.2m from $134.5m to $226.7m, fully diluted EPS at $0.20 (versus $0.08 at HY 2020)