The Headlam Board is proposing a 2022 final ordinary dividend of 11.2 pence per share (2021: 8.6 pence per share), subject to shareholder approval at the forthcoming AGM in May 2023 with the timetable given in the Financial Review. The final dividend combined with the 2022 interim ordinary dividend of 6.2 pence per share gives a total pay out of 17.4 pence per share in respect of the 2022 financial year, which is in line with the Company's targeted cover ratio of around 2x earnings.
Other financial highlights include:
Revenue maintained despite challenging industry headwinds, reflecting revenue development actions and support from product price increases
Gross margin steady, with benefit of price increases offset by reduced proportion of revenue from higher margin residential sector due to impacts of UK cost of living crisis
Underlying expenses effectively controlled despite significant widespread operational cost inflation
Statutory results higher than underlying due to insurance claim proceeds following a fire creating a net credit on non-underlying items
£37.1 million of returns to shareholders via ordinary and special dividends, and Share Buyback Programme
Average net funds excluding lease liabilities of £3.1 million (2021: £38.3 million)
