The Flowtech Fluidpower Board will be recommending a dividend of 2.1p per ordinary share in respect of 2022 at the AGM in June 2023. Subject to shareholder approval the dividend will be paid on 21 July 2023 to Members on the register as at 23 June 2023 with an ex-dividend date of 22 June 2023.
Other financial highlights include:
Revenue of £114.8m (2021: £109.1m), £5.7m (5.2%) up on 2021
£8.6m underlying operating profit (2021: £5.7m), an improvement of £2.9m as the business continued its recovery from the COVID-19 pandemic
£11.6m underlying EBITDA (+) (2021: £8.4m), an improvement of £3.2m
Measures taken to manage the cost base, in particular a significant reduction in headcount by the end of the year, has reduced underlying operating overheads by £0.4m (1.3%) in an environment of significant inflationary pressures
Significantly improved performance by the Services segment with underlying operating profit of £1.8m (2021: -£0.1m)
Managed inventory levels (£1.0m increase in 2022) to mitigate the impact of supply chain uncertainties and satisfy customer demand for core products. Now reducing (£3.2m decrease in H2 2022) with more predictable supply chains
Separately disclosed items of £13.0m includes £10.1m impairment of goodwill (see note 8), £1.4m restructuring costs largely relating to the exit from the Leicester Logistics Centre and £0.9m amortisation of intangibles
After taking account of the separately disclosed items the loss before tax was £5.6m
Looking forward to 2023 being a year of further improvements, with particular focus on inventory management, debt reduction and cash generation.
