The Mears Group Board are recommending a final dividend of 7.25p, bringing the full year dividend for 2022 to 10.50p (2021: 8.00p) reflecting continued strong cash performance and positive outlook.
Other financial highlights include:
· Strong revenue recovery, Group revenues up 9% year-on-year to £959.6m (FY 2021: £878.4m)
· Adjusted profit before tax increased by 37% to £35.2m (FY 2021: £25.6m)
o Operating margins continue to strengthen to 3.8%2 (FY 2021: 3.4%)
· Exceptional cash performance with average daily adjusted net cash of £42.9m (FY 2021: £0.4m)3
o Cash conversion at 122% of EBITDA (2020/2021 combined: 117%)
o Adjusted net cash at 31 December 2022 of £100.1m (2021: £54.6m)
· £20m share buyback approved by the Board. Return of surplus capital, whilst maintaining a net cash position.
