The Board is proposing a final dividend payment of 1.184p per share for 2022, an increase of 5% on the final dividend payment for 2021, taking the total dividend payment for the year to 1.776p (2021: 1.691p). The Board will continue to assess the level of future cash distributions having regard to overall business performance and future outlook.
The final dividend for 2022, subject to approval at the Company's AGM on 25 May 2023, will be paid on 18 July 2023, to shareholders on the register on 23 June 2023.
Other Financial Highlights:
- Consumer Healthcare see-through revenue up 3% to £125.2m (2021: £121.8m) and down 3% at constant exchange rates ("CER") with 16% growth in other consumer brands offsetting softer performance in key brands
- Revenue growth impacted by lockdown in China, associated temporary disruption to the supply chain, slower recovery in business to business ("B2B") demand for Kelo-Cote and a one-off destocking effect, but boosted by the US Acquisition and FX gains
- Prescription Medicine performance stable with revenues of £46.8m (2021: £47.8m), down 2% CER
- Underlying PBT declined 28% largely due to less favourable product mix with a lower proportion of Kelo-Cote and AmberenTM sales. Reported PBT declined 71%, due to higher non-cash impairment charges of £18.2m, including £12.0m for Amberen
- Free cash flow was lower by 48% at £15.8m, primarily reflecting the timing of sales and cash receipts. Cash from operations declined by 45% to £24.9m
- Following the highly strategic US Acquisition for $19.4m (£14.8m), net debt increased to £102.0m moving Group leverage to 2.57 times at 31 December 2022 (1.73 times at 31 December 2021)
