The Board is recommending a final dividend of 4.8 pence, payable on 7 July 2023. This brings the total dividend for the year to 7.4 pence (2021: 7.2 pence).
Other Financial Highlights
- Revenue increased 19.1% to £279.0 million (2021: £234.3 million), with organic growth (+11%) and acquisitions (+8%) with resulting adjusted EBITDA growing to £81.5 million (2021: £74.2 million)
- Adjusted profit before tax increased 7.6% to £41.0 million (2021: £38.1 million) as a result of strong performances in Records Management and Digital offset by increased interest rate impact of £2.4 million for the year
- Statutory profit before tax of £23.3 million (2021: £23.0 million) showed a small increase and reflective of higher amortisation on prior year acquisitions, interest rate increases, property exit charges and strategic IT programme costs
- Adjusted basic earnings per share increased 4.7% to 24.3 pence (2021: 23.2 pence) with statutory earnings per share up 41.4% to 12.3 pence (2021: 8.7 pence)
- Cash conversion of 82% (2021: 104%), with resulting net debt at period end of £103.5 million and leverage ratio of 1.7x (2021: 1.8x), despite five acquisitions, well within the Group's target range of 1.5-2.0x. The Group retains substantial headroom across its borrowing facilities