In recognition of the Restore Group's continued trading momentum and its confidence in the H2 2021 and future outlook, the Board has re-instated its previous progressive dividend policy.
The Board has declared an interim dividend of 2.5p per share for FY2021 (2020: 0.0p). The dividend will be paid on 15 October to shareholders on the register at 17 September 2021.
Other financial highlights include:
H1 Revenue of £106.1 million, up 19% on prior year and ahead of management expectations
H1 Adjusted PBT of £15.6 million, up 56% on prior year with strong sequential momentum, being 18% higher than H2 2020
Scale of business substantially increased with annualised run rate revenues in excess of £250 million (FY20 £182.7 million) based on performance in May and June 2021
EBITDA increased from £13.8 million in Q1 to £19.4 million in Q2 and totalled £33.2 million for the half compared with £27.4 million for H1 2020
Profitability improved strongly through the period, with an operating margin of 14.9% in Q1 improving to 21.3% for Q2 making 18.5% as a whole for H1 2021 which compares to 16.2% in H1 2020 and 21.5% in H1 2019
Continued successful progress on efficiency with further site consolidation in Restore Technology and Records Management, staff cost ratios improved and new Group fuel contract implemented
Leverage in line with expectation at 1.9x following successful equity raise of £40m to support acquisition of EDM and continued strong cash generation despite anticipated working capital investment to support growth
