The Board is recommending a final dividend of 2.55 pence per share (2021: 2.35 pence per share) to be paid on 5 June 2023 to shareholders on the register on 12 May 2023. Along with the interim dividend of 1.9 pence per ordinary share, paid in October 2022, this takes the full year dividend to 4.45 pence per ordinary share (2021: 4.10 pence per share), in line with the Board's policy of a progressive dividend that is approximately twice covered by adjusted profit after tax.
Other Financial Highlights:
- Record revenues of £355.8 million, growth of 8% on a strong 2021 comparative
- Underlying operating profit increased by 16% to £21.5 million (2021: £18.5 million), ahead of pre-pandemic levels
- Strong cash generation with pre-tax operating cash inflow of £38.6 million (2021: £34.9 million)
- Covenant net debt at year end of £17.9 million (2021: £9.4 million), better than expected, after net acquisition cash consideration of £17.8 million in 2022
- Covenant net debt 0.6x adjusted EBITDA, well within covenant limits
