The Volution Group Board has declared an interim dividend of 2.5 pence per share, up 8.7% (H1 2022: 2.3 pence), reflecting the strong first half performance and demonstrating the Board's confidence in the performance of the Group. The interim dividend will be paid on 2 May 2023 to shareholders on the register at the close of business on 24 March 2023.
Other financial highlights include:
Revenue up 8.5%; 7.3% organic growth (6.3% at constant currency ('cc')) and 1.2% inorganic growth (1.2% at cc). All three regions grew organically, delivered through both volume and price
Adjusted operating margin of 21.1% (H1 2022: 21.3%), above their long-term operating margin target as they successfully mitigated inflationary headwinds
Adjusted operating cash flow significantly up on prior year at £30.6 million as inventory levels normalised (H1 2022: £16.2 million), leading to a cash conversion of 88% (H1 2022: 50%)
Balance sheet remains strong (leverage ex-leases at 0.8x), providing significant headroom for earnings accretive acquisitions
Reported profit before tax up 5.6% to £22.6 million (H1 2022: £21.4 million), with higher operating profits partially offset by increased finance charges as a result of interest rate rises