HIGHLIGHTS
Good growth in revenues and profits and strong cash generation alongside significant operational enhancements
Reported revenue up 9% to £146.8m (2014: £134.4m#)
o Pro forma~ revenue up 4%, excluding the effect of Mobile bonus reduction^
o Pro forma~ revenue growth in Advanced Solutions of 10%
o 5% underlying^ revenue growth in Mobile#, driven by 9% growth in the subscriber base
o Pro forma~ gross profits up 4%
Reported adjusted EBITDA increased 13% to £22.1m (2014: 19.6m)
o Pro forma~ adjusted EBITDA +10%
Continued strong cash generation
o Operating cash conversion of 99% of adjusted EBITDA (2014: 83%)
o Net debt of £18.7m (2014: £29.3m), materially ahead of the Board's target of £20.0m
o Net debt leverage under 1.0 times adjusted EBITDA
Proposed full year dividend increased 13% to 16.4p
o Reiterate intention to progress dividend payments towards 15% annual growth in the medium term, anticipating growth of no less than 10% per annum
Integration of the 2014 acquisitions now complete with the businesses rebranded Alternative and all teams now located together in new facilities
o Increased breadth of products and services facilitating product penetration opportunities across the Group
o Company-wide systems and processes integrated in most business disciplines
Strong order book at period-end and healthy pipeline for year ahead
