The Mears Group Board is proposing a final dividend of 5.50 pence per share, bringing the total dividend for the year to 8.00 pence per share. The Mears Group Board's policy is to pay a progressively growing dividend, keeping cover at between 2x and 2.5x of normalized earnings.
Other financial highlights include:
Group revenues up 9.0% year-on-year to £878.4m (FY 2020: £805.8m)
Adjusted profit before tax at £25.6m (FY 2020: £3.4m loss)
Operating margins of 3.7% (H1: 3.1%)
Average daily adjusted net cash of £0.4m (FY 2020: £97.3m adjusted net debt)
2-year cash conversion at 117% of EBITDA
Adjusted net cash at 31 December 2021 of £54.6m (2020: £56.9m)
