The Directors propose to pay a final dividend of 10.3 cents per share in respect of the year ending 31 December 2019 (payment of $104.6m). Combined with the interim dividend of 4.4 cents per share paid in October 2019 (payment of $43.2m), gives a total dividend for the financial year of 14.7 cents (total payment of $147.8m), which represents 40% of the Group's levered free cash flow for the period in accordance with the Company's dividend policy.
Subject to shareholder approval, the final dividend will be paid in US dollars on 24 June 2020 to shareholders on the register on 22 May 2020. There will be an option for shareholders to elect to receive the dividend in pounds sterling and such an election should be made no later than 8 June 2020. The foreign exchange rate at which dividends declared in US dollars will be converted into pounds sterling will be calculated based on the average exchange rate over the five business days prior to 11 June 2020 and announced shortly thereafter.
Other financial highlights include:
Strong overall performance in line with expectations
Adjusted Billings at $911.0m up 5.7% at actual rates, with organic growth of 10.2%
Adjusted Revenue at $873.1m up 5.6% at actual rates, with organic growth of 9.1%
Consumer Direct Desktop Adjusted Revenue at $632.9m, up 9.1% at actual rates, with organic growth of 10.7%
Adjusted EBITDA up 7.9% to $483.0m; Adjusted EBITDA margin at 55.3%, up 119bps
Adjusted fully diluted earnings per share ('EPS') up 14.1% to $0.32 (versus $0.28 at YE 2018)
Continued strong cash generation with Unlevered Free Cash Flow up 7.9% to $424.6m and Levered Free Cash Flow up 14.0% to $370.4m
Net debt / LTM ('last twelve months') Adjusted EBITDA at 1.8x at year end
On a statutory basis, Revenue up from $808.3m to $871.1m, Operating profit up from $248.3m to $344.6m, fully diluted EPS at $0.24.
