Dividend
- The Group has maintained a progressive dividend policy since flotation and has recommended a final dividend of 24.9p per ordinary share in respect of 2025. This, together with the interim dividend of 10.1p per ordinary share paid in November 2025, represents a total dividend per ordinary share of 35.0p, an increase of 1.4% compared to last year's 34.5p per ordinary share.
- The final dividend, if approved by shareholders, will be paid on 26 June 2026 to shareholders on the register on 29 May 2026 and the shares will trade ex-dividend on 28 May 2026.
Other Financial Highlights
- Revenue from continuing operations up 11.9% on a constant currency basis reflecting the impact of high raw material inflation, most significantly in the UK.
- Adjusted profit before tax from continuing operations down 1.0% on a constant currency basis, reflecting the impact of lower volumes on profit in Seachill.
- Volume increase of 0.2% reflecting resilient performance from core retail meat and fresh prepared food against a highly inflationary backdrop, offsetting volume impact of challenging conditions for Seachill (our UK seafood business).
- When taking into account the lower adjusted free cash flow, capital expenditure on our Canada project, slightly increased cash dividend payments, increased adjusting/exceptional cash outflows and material cash proceeds from divestments, the Group's closing net bank debt (comprising borrowings less cash and cash equivalents excluding lease liabilities), fell slightly to £126.7m (2024: £131.4m). This includes bank borrowings of £277.2m (2024: £243.3m) net of cash balances of £150.5m (2024: £111.9m). Period-end net bank debt as a ratio of adjusted EBITDA was unchanged at 0.9 times.
