The Avon Protection Board has declared an interim dividend of 14.3c per ordinary share (HY21: 14.3c) reflecting confidence in the medium and long-term prospects of the Group. There remains a range of possible out-turns for full year performance, and the annual dividend will be determined after the full year closes. The interim dividend will be paid on 2 September 2022 to shareholders on the register at close of business on 5 August 2022. The dividend amount will be converted into pounds sterling for payment at the prevailing exchange rate prior to payment.
Other financial highlights include:
Revenue broadly flat - despite headwinds of delayed U.S. Budget approval and delayed expenditure in U.S. first responder market
Adjusted EBITDA margin of 10.5%, down 860bps, reflecting a combination (in broadly equal proportions) of product mix shift and operational challenges, including supply chain issues
Leverage of 2.6x EBITDA (on a bank covenant basis), under the 3.0x covenant
o Leverage expected to reduce as receipts build and profit recovers
o Half of the announced £18.5m buy-back now completed, second half on hold to enable further organic investment to meet elevated demand levels and to allow for leverage stability
