The Board is proposing a final dividend of 2.4 pence per share (2021: 2.4 pence per share). Subject to shareholder approval at the Annual General Meeting to be held on 13 June 2023, the final dividend will be paid on 14 July 2023 to shareholders whose names are on the Register of Members at close of business on 16 June 2023. The ordinary shares will become ex-dividend on 15 June 2023.
An interim dividend of 2.0 pence per share was paid in November 2022.
The Board continues to closely monitor the dividend policy, recognising the Group's need for investment to drive future growth and dividend flow to deliver overall value to their shareholders.
Other Financial Highlights:
- Revenues of £71.6m (2021: £74.0m) reflecting growth from product launches offset by moderation in post-pandemic demand, conclusion of distribution agreements and application of EU laws in Spain to reduce antibiotic use
- Focus on Top 40 brands and an improved sales mix drove marked 3.5% improvement in gross margins
- Careful targeting of SG&A investment, including Orthros-related R&D, contributed to underlying EBITDA of £13.1m (2021: £13.5m); underlying EBITDA margin 18.3% (2021: 18.2%)
- Reported profit before tax was £2.5m (2021: £0.9m)
- Underlying basic earnings per share increased by 5.0% to 12.6 pence (2021: 12.0 pence); reported basic earnings per share of 3.3 pence (2021: 0.1 pence loss per share)
- Net debt was £5.4m at year end (2021: £5.3m) maintaining the Group's capacity to invest in growth strategy
