The Headlam Group PLC Board of Directors have declared for 2021, an interim ordinary dividend of 5.8 pence per share. This dividend is payable on 29 November 2021 to shareholders on the register as at 29 October 2021.
Other financial highlights include:
Strong recovery to 2019 levels, with total revenue of £329.9 million being in-line with H1 2019 (£335.0 million), and 45.2% ahead of H1 2020 (£227.2 million)
Gross margin increased to 32.7% (H1 2020: 32.3%; H1 2019: 32.4%) owing to increased proportion of total revenue from higher-margin residential sector and an inflationary environment through Q2 2021
Underlying operating margin in-line with H1 2019 at 5.3%, in part reflecting ability to keep underlying distribution costs and administrative expenses flat through cost benefits from Operational Improvement Programme ('OIP') and restructuring activities offsetting wage inflation and additional costs
Underlying operating profit and underlying profit before tax of £17.4 million and £16.7 million respectively, representing a strong reversal from the losses in H1 2020 (£1.1 million and £1.8 million losses respectively) (H1 2019: £17.9 million underlying operating profit; £16.8 million underlying profit before tax)
Statutory operating profit and statutory profit before tax of £14.7 million and £14.0 million respectively, after non-underlying items of £2.7 million (H1 2020: £23.8 million and £24.5 million losses respectively, after £22.7 million of non-underlying items; H1 2019: £16.9 million and £15.8 million profit respectively, after £1.0 million of non-underlying items)
Average net funds of £30.5 million, representing a strong reversal of the £35.3 million and £8.6 million average net debt position for H1 2020 and full-year 2020 respectively
Net funds at Period-end, excluding impact of IFRS 16 'Leases', of £53.9 million (as at 30 June 2020: £22.4 million net debt; 31 December 2020: £51.6 million net funds)
