On 31 August 2022, the Eurocell Plc Board approved an interim dividend for the six months ended 30 June 2022 of 3.5 pence per share (£3.9 million), representing an increase of 9% compared to H1 2021. The interim dividend will be paid on 7 October 2022 to shareholders on the register at the close of business at 16 September 2022 and shares will be marked ex-dividend on 15 September 2022.
Other financial highlights include:
•Good first half against strong 2021 comparatives
-Substantial progress in sales and profits vs pre-pandemic period
•Continued successful deployment of commercial strategies, with sales up 13% vs H1 2021, including:
-Profiles up 17%: a good performance in new build, where competitor fabricator weakness has supported their sales, as well as another strong performance from Vista doors
-Building Plastics up 11%: good demand for high value project work and their outdoor living product range
-Price remains a key driver of sales growth
•Selling price increases and surcharges successfully recovering unprecedented input cost inflation
•Operating profit up 8% vs H1 2021, driven by higher sales and improving operational efficiency
-Operating profit margin of 8.7% (full year 2021: 8.5%)
•Profit before tax up 7% vs H1 2021, including impact of successful bank refinancing on finance costs
•Continued investment in business growth, with capex of £6.4 million including expansion of manufacturing capacity and development of IT infrastructure
•Strong balance sheet and liquidity, with pre-IFRS 16 net debt of £15.0 million (31 December 2021: £11.0 million)
