The Judges Scientific Board is recommending a final dividend of 38.5p per share subject to approval at the forthcoming Annual General Meeting on 26 May 2021, which will make a total distribution of 55.0p per share in respect of 2020 (2019: 50.0p per share, excluding the special dividend). Despite the impact of the pandemic on financial performance in 2020, the total dividend per share is 3.2 times covered by adjusted earnings per share (2019: 4.5 times). Their policy of increasing the dividend by a minimum of 10% per year is only sustainable because there is ample cover.
Other financial highlights include:
Revenues down 3.2% to £79.9 million (2019: £82.5 million), including 12.3% Organic decline;
Despite COVID-19 challenges, the Group generated significant profits in every month of 2020;
Adjusted** operating profit down 17% to £14.4 million (2019: £17.4 million);
o Statutory operating profit of £10.2 million (2019: £14.1 million);
Adjusted** basic earnings per share down 20% to 177.2p (2019: 222.5p);
o Statutory basic earnings per share of 131.1p (2019: 183.1p);
Organic* order intake down 13.2% compared with 2019;
Organic* order book at 14.0 weeks (31 December 2019: 13.2 weeks); total order book 15.8 weeks;
Cash generated from operations of £14.6 million (2019: £19.1 million);
Adjusted** net debt of £5.7 million as at 31 December 2020 (31 December 2019: £2.0 million);
o Statutory net debt of £5.7 million at 31 December 2020 (31 December 2019: £0.3 million);
Cash balances of £15.5 million as at 31 December 2020 (31 December 2019: £14.1 million).
