The Marshalls Group PLC have maintained a progressive dividend policy of two times dividend cover over the business cycle. The aim of this policy is to increase returns for shareholders.
The Board is now proposing a final dividend of 9.6 pence which, when combined with the interim dividend of 4.7 pence, gives rise to a total dividend for the year of 14.3 pence. This compares with adjusted earnings per share of 28.6 pence for the year ending 31 December 2021 and represents two times cover.
Other financial highlights include:
Record sales and adjusted profitability, reflecting the sustained heightened demand post COVID-19
Full year revenue of £589.3 million, an increase of 26% on 2020 and 9% on 2019
Adjusted EBITDA of £107.1 million, an increase of 86% on 2020 and 3% on 2019
Adjusted profit before tax up 3% against 2019 at £72.1 million (up 221% on 2020)
Profit before tax on a statutory basis was £69.3 million (2020: £4.7 million; 2019: £69.9 million)
Net debt of £41.1 million (2020: £75.6 million). Pre-IFRS 16 net positive cash of £0.1 million
Strong balance sheet, with a flexible capital structure and a clear capital allocation policy
Recovery in adjusted ROCE to 20.6 per cent (2020: 8.2%; 2019: 21.4%)
Continued momentum in trading during the first two months of 2022 - healthy order books underpinning management confidence
The Board's expectations for the current year are now ahead of its previous view
