In line with the Focusrite PLC's progressive dividend policy, the Board is proposing a final dividend of 3.7 pence per share (FY20 final dividend: 2.9 pence), an increase of 28%, which would result in a total of 5.2 pence per share for the year (FY20: 4.2 pence). This represents an adjusted earnings dividend cover of 11.1 times (FY20: 7.8 times).
Other financial highlights include:
• Revenue growth of 34% across the group reflecting continued growth of core customer base.
o Focusrite products up by 24% to £124.4 million (FY20: £100.7 million) driven principally by the Scarlett 3rd Generation range.
o Novation revenue up by 14% as the new generations of Circuit and Launchkey products gained traction.
o Martin Audio grew by 23% (organic constant currency growth) returning to pre COVID-19 levels at end of year.
• Growth across all major geographic regions: North America was up by 47%; Europe, Middle East and Africa ('EMEA') by 23%; and the Rest of World by 32%.
• Acquisition of Sequential completed in April 2021 for $20 million net of acquired cash.
• Launch of a new brand, Optimal Audio, operating in the commercial audio market.
• Year-end net cash balance of £17.6 million (FY20: £3.3 million), repaying debt drawdown of $10m for Sequential in four months