The VP Group Directors have declared a special dividend of 22.00 pence per share payable on 17 January 2021 to shareholders on the register at 18 December 2020. This is in lieu of the final dividend for the Financial Year ended 31 March 2020. The dividend declared will absorb an estimated £8,672,000.
The comparative dividend relating to the Financial Year ended 31 March 2019 was 22.00 pence (H1 2020: £8,705,000 was paid). The interim dividend to 30 September 2019 was 8.45 pence per share, absorbing £3,350,000 of shareholders' funds.
The cost of dividends in the Statement of Changes in Equity is after adjustments for the interim and final dividends waived by the Vp Employee Trust in relation to the shares it holds for the Group's share option schemes.
Other financial highlights include:
Profit before tax, amortisation and exceptional items at £8.6 million (H1 2020: £25.9 million)
Revenues reduced by 24% to £142.1 million (H1 2020: £186.6 million)
EPS, pre amortisation and exceptional items, 17.4 pence per share (H1 2020: 52.5 pence per share)
Special dividend proposed of 22.00 pence per share
Interim dividend Nil (H1: 2020 8.45 pence)
Net debt reduced by £41.1 million to £118.7 million (31 March 2020: £159.8 million)
Return on average capital employed at 10.3% (H1 2020: 14.5%)
EBITDA decreased to £34.1 million (H1 2020: £51.8 million)
Capital investment in rental fleet down 45% at £14.6 million (H1 2020: £26.6 million)
Exceptional costs £13.0m (H1 2020: £0.7m)
Statutory loss before tax of £6.0 million (H1 2020: profit of £23.4 million) 1 and statutory earnings per share of -17.8 pence (H1 2020: 47.3 pence)
