The Hill & Board has declared an interim dividend for FY 2021 of 12.0p per share (2020: 9.2p). The interim dividend will be paid on 7 January 2022 to shareholders on the register on 3 December 2021. Looking forward, they aim to provide sustainable and progressive dividend growth, targeting a prudent dividend cover of around 2.5 times underlying earnings.
Other financial highlights include:
Strong H1 performance, trading significantly ahead of 2020 which was impacted by COVID-19
o Good recovery in trading across all Group divisions, with return to Group margin target range
o Ahead of H1 2019: organic constant currency growth +6% revenue and +9% underlying operating profit
o Security sub-division continues to face challenges due to impact of COVID-19 on certain end markets
o Ongoing raw material inflation and labour shortages have been successfully managed
Continued focus on improving the quality of the portfolio, in line with refreshed strategy
o Acquisition of Prolectric Services Ltd, a UK market leader in off-grid solar energy solutions
o Disposal of loss-making security access cover business
o Closure of loss-making variable message sign business
Group remains highly cash generative with a strong balance sheet to support future growth opportunities
FY21 underlying operating profit expected to be slightly ahead of the top end of current analyst range^
