An interim ordinary dividend of 23.6 pence per share and an additional interim dividend of 18.4 pence per share have been declared. The total dividend of 42.0 pence per share will be paid in equal instalments of 21.0 pence per share on 30 December 2019 and 9 March 2020.
Other financial highlights include:
- Net revenue of £57.3 million was up by 3.0% on a reported basis and up 4.0% on an underlying basis, which excludes the £0.5 million final year impact from the Yodel renegotiation.
- Underlying net revenue growth was driven by strong performance in UK service fee revenue (up by 31.8%) Romania (up by 6.2%) and a resilient performance in UK bill payments and top-up businesses which were up by £0.2 million (0.7%).
- Costs of £33.2 million represent a £3.0 million increase from the prior period (£30.2 million). Excluding a one-off benefit in the prior period of £1.7 million from improved VAT recovery, costs increased by £1.3 million, reflecting investment into additional resources to integrate new parcel partners into the network and in the contact centre to further improve customer service.
- Profit before tax of £24.0 million was £1.3 million below prior year. Excluding the one-off VAT recovery benefit of £1.7 million and £0.5m Yodel impact in the prior year, underlying profit before tax was up £0.9 million (4.0%).
- Continued strong cash conversion with £27.1 million cash generated from profit before tax of £24.0 million.
- Net corporate debt of £12.3 million reflects cash balances of £5.7 million less £18.0 million financing facility usage.
- The total dividend of 42.0 pence per share will be paid in equal instalments of 21.0 pence per share on 30 December 2019 and 9 March 202
