The Norcros Group responded swiftly to the impact of the COVID-19 pandemic and the need to preserve cash by not paying a final dividend in relation to the year ended 31 March 2020 nor an interim dividend in relation to the year ended 31 March 2021. Based on the improved trading performance in the second half of the year, the further strengthening of the balance sheet and the current outlook the Board believes that now is the right time to reinstate the dividend and has therefore taken the decision to recommend a final (and total) dividend of 8.2p per share for the year (2020 total: 3.1p). This is equivalent to a dividend cover of 3.8 times, consistent with the year ended 31 March 2019. The Group will now continue with its previous progressive albeit prudent dividend policy which takes into account the Group's growth strategy, the interests of other key stakeholders, the Group's cash generative characteristics and its earnings growth.
Other financial highlights include:
Very strong recovery from a period of unprecedented uncertainty with second half revenue growth of 19.5% on a constant currency like for like basis
Full year revenue of £324.2m (2020: £342.0m). 0.7% higher than prior year on a constant currency like for like basis
Underlying operating profit of £33.8m, 4.6% higher than prior year (2020: £32.3m)
Operating profit of £24.9m (2020: £17.8m)
Strong cash generation in the year of £46.9m has significantly strengthened the balance sheet with net cash of £10.5m (2020: net debt of £36.4m)
Underlying ROCE above strategic target rate at 18.2% (2020: 16.4%)
Diluted underlying EPS of 31.1p, 10.3% higher than prior year (2020: 28.2p)
