The current year dividend is in line with the capital allocation policy announced in Weir Group Plc's 2020 Annual Report and Financial Statements, under which the Group intends to distribute 33% of adjusted earnings by way of dividend. As a result, dividend cover in 2022 is 3.0 times.
The proposed dividend is based on the number of shares in issue, excluding treasury shares held, at the date that the financial statements were approved and authorised for issue. The final dividend may differ due to increases or decreases in the number of shares in issue between the date of approval of this Annual Report and Financial Statements and the record date for the final dividend.
Other Financial Highlights:
- FY revenues +21%; outperforming Weir Group Plc's markets
- FY adjusted operating profit of £395m, +25%
- Operating margin of 16%; +70bps
- Free operating cash conversion of 87%
- Cumulative 17% reduction in absolute scope 1&2 emissions vs. 2019 baseline
- Lowered net debt to EBITDA to 1.5x; new £300m debt facility agreed in January 2023
- Return on capital employed of 15.2%, +320bps
- On track to deliver target of 17% operating margin in 2023
- Free operating cash conversion of 80% to 90%
