Based on the strong trading performance, the Board is recommending a final dividend of 22.0p per share, making a total dividend for the year of 35.0p per share (2021: 31.0p). The final dividend, if approved, will be paid on 7 July 2023 to shareholders on the register on 2 June 2023. Looking forward, they are aiming to provide sustainable and progressive dividend growth, targeting a prudent dividend cover of around 2.5 times underlying earnings.
Other Financial Highlights:
- 14% organic constant currency revenue and profit growth
- Growth significantly driven by US businesses which represented 64% of Group operating profit
- Operating margin increased by 90bps to 13.3%, reflecting strong operational performance, pricing actions and portfolio evolution
- Refreshed financial framework reflecting Group's growth potential
- Improved cash generation in second half, with year-end covenant leverage at 0.7 times
- Well-positioned in structurally growing end markets and expect to make further progress in 2023, despite macro-economic uncertainties
