Operational highlights
A year of further progress in developing the group
Solid performance in business recovery and financial advisory services:
o Profits broadly maintained in spite of lowest level of corporate insolvencies since 2004
o Increased operating margins to 20.3% (2016: 19.8%)
o Remain the leading UK corporate appointment taker by volume
Growth in revenue and profits in our property services division:
o Now contributes approximately 30% of group revenue and profit
o Acquisition of Pugh & Co in June 2016; now the UK's largest regional firm of commercial property auctioneers by number of lots
o Continued investment in valuation team following Taylors acquisition in November 2015, further enhancing expertise and geographical coverage
Business strongly cash generative, enabling funding of acquisition payments whilst reducing net debt
Refinanced debt facilities through to 2021 at a lower cost than the previous facilities
DIVIDEND
The board remains committed to a long-term progressive dividend policy, and intends to increase dividends when we are confident of both the market outlook and continuing our recent earnings growth.
Having considered the results for the year and the group's financial position, together with the outlook for the new financial year and the investment requirements of the business, the board has recommended (subject to shareholder approval at the company's annual general meeting) the total dividend be maintained at 2.2p (2016: 2.2p). This comprises the interim dividend already paid of 0.6p (2016: 0.6p) and a final dividend of 1.6p (2016: 1.6p).
The final dividend will be paid on 8 November 2017 to shareholders on the register on 13 October 2017, with an ex-dividend date of 12 October 2017.
