The final dividend has increased by 55% to 62.0p per share (FY 2020: 40.0p), resulting in a total dividend for the year of 92.0p per share (FY 2020: 61.0p), an increase of 51%. This represents dividend cover of 2.46x and reflects the result for the year, the strong balance sheet and their confidence in the future prospects of the Group.
During the year, the Morgan Sindall Group plc Board formally adopted a dividend policy such that dividend cover is expected to be in the range of 2.0x-2.5x on an annual basis.
Other financial highlights include:
Record results, with trading substantially ahead of 'pre-pandemic' 2019 levels
o Revenue up 6% (up 5% on FY 2019)
o Adjusted operating margin up to 4.1% (FY 2019: 3.0%)
o Adjusted profit before tax up 100% to £127.7m (up 41% on FY 2019)
Strong balance sheet
o Net cash of £358m (FY 2020: £333m, FY 2019: £193m)
o Average daily net cash increased significantly to £291m (FY 2020: £181m, FY 2019: £109m)