The Mattoioli Woods PLC Board is to recommend a final dividend of 13.5p per share (2020: 12.7p). This makes a proposed total dividend for the year of 21.0p (2020: 20.0p) a year-on-year increase of 5.0% (2020: flat).
The Board recognises the importance of dividends to shareholders and remains committed to growing the dividend, while maintaining an appropriate level of dividend cover. If approved, the final dividend will be paid on 3 November 2021 to shareholders on the register at the close of business on 1 October 2021, having an ex-dividend date of 30 September 2021.
Other financial highlights include:
Revenue up 7% to £62.6m (2020: £58.4m)
Recurring revenues represent 92.7% (2020: 92.1%) of total revenue
Adjusted EBITDA £17.3m down 8% (2020: £18.9m; 2019 pre-COVID-19 £14.1m)
Adjusted EBITDA margin 27.7% (2020: 32.4%; 2019: 24.5%)
Operating profit before financing £4.2m down 65% (2020 restated: £12.2m; 2019: £9.2m):
- Significantly reduced discretionary staff bonuses paid in the prior year due to COVID-19 with incremental £1.8m paid in 2021 to £3.1m
- Acquisition related expenses of £2.6m (2020: £0.3m) on eight acquisitions completed in or shortly after the year
Profit before tax £5.1m down 60% (2020 restated: £12.7m) driven by IFRS 3 accounting policy
Adjusted profit before tax £14.2m down 11% (2020 restated: £16.0m)
Basic EPS 5.1p down 85% (2020 restated: 34.9p)
Adjusted EPS. 41.1p (2020 restated: 47.6p)
Proposed final dividend of 13.5p (2020: 12.7p), giving a total dividend of 21.0p up 5% (2020: 20.0p)
Strong financial position, with £21.9m (2020: £26.0m) of cash at 31 May 2021