The Eleco Board has decided to recommend a final cash dividend 0.40 pence per share.
Payment of the final dividend will follow approval by shareholders at the Annual General Meeting. The record date is the close of business on 27 May 2022; with the ex-dividend date being 26 May 2022.
Other financial highlights include:
Revenue increased 8%, slightly ahead of expectations, to £27.3m with growth in all regions (2020: £25.2m)
Recurring revenue up 9% to £15.4m, representing 56% of revenue (2020: 56%)
EBITDA ahead of expectations at £7.2m (2020: £6.7m)
Adjusted EBITDA of £7.3m (2020: £7.0m)
Development spend at over 12% of revenue
EPS at 3.3 pence per share (2020: 3.9 pence per share) - impacted by UK corporate tax rise in 2023
Net cash of £10.0m (2020: £6.2m) after full repayment of UK bank debt and furlough payments
