The directors have reviewed the Group's results and outlook for the current financial year and have declared an interim dividend of 3.0p per share which will be paid on 14 April 2023 to shareholders on the register at the close of business on 17 March 2023. The Group expects dividend per share to increase in line with earnings, with a dividend cover of 2.0 times annual earnings.
Other Financial Highlights:
- Profit before tax up 65% to £11.7m (H1 2022: £7.1m) before exceptional costs.
- Revenue up 14% to £679m (H1 2022: £594m).
- Divisional operating margin increased to 2.3% (H1 2022: 2.2%), making good progress against the Sustainable Growth Strategy.
- Continued strong balance sheet, with average month-end cash for the period of £154m (H1 2022: £180m) and a PPP asset portfolio of £46.1m (June 2022: £47.5m).
- Additional capital return of up to £15m through the Group's ongoing share buyback programme.
- Environment business further enhanced by the acquisition of the specialist businesses, MCS Control Systems and Ham Baker.
- Sustainable Growth Strategy on track to meet their carbon reduction commitments and financial targets to 2026.
- Full year profit before tax expected to be at the upper end of current analyst estimates.
- Confident outlook with £3.5bn high quality and focused order book (H1 2022: £3.4bn) with 95% and 79% of projected FY23 and FY24 revenue secured