The proposed final dividend of 5.34p will, subject to shareholder approval, be paid on 4 June 2020 to all shareholders on the register on 24 April 2020.
Other financial highlights include:
Group net revenue fell 2% to £1,581.7m
Adjusted operating profit from existing operations fell 37% to £147.0m, ahead of management expectations, following the implementation of the £2 stake limit
Exceptional charge and adjustments of £134.1m, primarily in relation to the closure of shops and redundancies, leading to a statutory loss before tax of £37.6m
Operating cash flow fell 7% to £183.0m reflecting the 37% reduction in adjusted operating profit, offset by the reclassification of lease expenses under IFRS 16
Net debt for covenant purposes increased, as anticipated, to £535.7m, reflecting the acquisition of Mr Green, the impact on adjusted operating profit of the £2 stake limit and disciplined investment in the US expansion, resulting in net debt/EBITDA of 2.4x
