Adept Technology Group announce an interim dividend of 2.5p

DividendMax Ltd.

Adept Technology Group announce an interim dividend of 2.5p

Adept Technology Group is to announce a return to interim dividend payments, with an interim dividend of 2.50p per Ordinary Share in respect of the six months ended 30 September 2022.  This represents an increase of 150% over the final dividend of 1.0p paid for the year ended 31 March 2022 and dividend cover of 4.8x.  The interim dividend will absorb approximately £0.6 million of shareholders funds (H1 FY22: £Nil).  It is proposed that the dividend will be paid on 7 April 2023 to shareholders who are on the register of members on the record date of 10 March 2023.


Other financial highlights include:


Revenue and EBITDA

•          Group revenue of £34.2 million (H1 FY22: £34.3 million), impacted by global supply chain issues

•          Organic growth of 3% in Cloud Centric Strategic Services with revenue increasing by £0.5 million to £15.1 million

•          Managed Services revenue grew organically by 3% increasing to 89% of Group revenue (H1 FY22: 87%), offsetting the structural decline in revenue from legacy Traditional Telephony, from which the Group continues to move away

•          Underlying EBITDA1 of £5.4 million (H1 FY22: £5.7 million)

•          Underlying EBITDA1 margin of 15.9% (H1 FY22: 16.7%)


Adjusted PAT and EPS

•          Adjusted profit after tax2 of £3.0 million (H1 FY22: £3.1 million)

•          Adjusted fully diluted EPS of 12.1p (H1 FY22: 12.5p)


Cash flow and debt

•          Deferred consideration for Datrix of £4.3 million paid in July 2022, with no further amounts due

•          Strong cashflows with strategy to reduce gearing progressing to plan: net senior debt, post H1 FY23 £4.3 million earnout payment, of £30.7 million at 30 September 2022 (H1 FY22: £31.2 million)

•          Decrease to senior debt and acquisition liabilities of £5.9 million (16%) in the last 12 months

•          Reported EBITDA conversion to post-tax cash from operating activities at 91% (H1 FY22: 82%)

•          Low capital expenditure maintained at 1.6% of revenue (H1 FY22: 1.6%)


Companies mentioned