Dr. Martens announce an inaugural interim dividend of 1.22 pence per share

DividendMax Ltd.

Dr. Martens announce an inaugural interim dividend of 1.22 pence per share

The Dr. Martens PLC Board has approved and the Company has declared an interim dividend of 1.22p per share (H1 FY21: nil pence) calculated as a 25% earnings payout which will be paid on 4 February 2022.  As previously guided the Board has adopted a progressive dividend policy, taking into account their financial performance, market conditions and their need for financial flexibility. The policy takes into consideration the characteristics of our business, our expectations for future cash flows and their plans for organic investment in innovation and productivity. They intend to pay dividends twice a year following the normal in-year trading profile. The total cost of the declared dividend is £12.2m.

Other financial highlights include:

Revenue grew 16% and Profit before Tax was up 46%

DTC mix of 40%, up 6pts: 

o Retail recovering strongly, with revenue up 92%, to 18% mix (up 7pts), and up 2% on a two-year basis ("LY-1")

o Ecommerce revenue continued to grow double-digits, up 10% and up 117% LY-1 

Wholesale revenue up 6%, with c.£20m of revenue delayed from Q2 into the second half, predominantly in relation to the Americas

Regional performance as expected, with continued strong Americas growth, up 57% CC, EMEA up 12% CC and APAC up 4% CC, as Covid-19 restrictions continued to impact this region 

Gross margin grew 2.8pts to 61.3%, driven by the shift to DTC, with increased freight costs offset by delivery of supply chain efficiencies

EBITDA margin was 24.0% (H1 FY21: 27.1%) and was in line with our expectations. As guided, the period was impacted by the annualization of PLC related costs, increased marketing spend and the return to business as usual operating costs. In line with their usual trading patterns EBITDA margins are stronger in the second half PBT of £61.3m up 46% or 37% on an adjusted basis

As part of their commitment to be net zero by 2030, we have further expanded their sustainability team and in October we committed to a 1.5°C trajectory with the Science Based Targets initiative

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