The Board is pleased to announce a 6% increase in our total dividend to 9.0p per share (2021: 8.5p). Accordingly, the final dividend for 2022 will be 5.0p per share and this will be payable on 22 May 2023 to all shareholders on the register at the close of business on 11 April 2023 subject to shareholders' approval on 18 May 2023.
Other Financial Highlights:
- Group revenue increased 14% to £33.7m (2021: £29.6m) with 12% attributable to acquired businesses
- Management service fees (MSF) grew by 2% to £11.0m (2021: £10.7m)
- Profit before tax was just 2% lower at £9.1m (2021: £9.3m), but profit after tax was marginally ahead making 2022 a 26th year of unbroken profit growth
- Continued strong lettings bias reflected in gross profit ratio of 56% lettings, 16% sales, 23% financial services, 5% other (2021: 56%, 19%, 20% and 5%)
- Administrative costs up 16% to £11.2m (2021: £9.7m) with 10% reflecting the increased size of the Group and 6% attributable to inflationary pressures
- The Group continued to be highly cash generative with 107% (2021: 100%) of EBITDA converting to operating cash of £10.8m (2021: £10.3m)
- Year-end cash of £3.2m (2021: £7.4m) despite deploying £4.0m on two corporate acquisitions
- Debt significantly reduced by £6.7m to £2.0m (2021: £8.7m) leaving the Group in a net cash position of £1.2m (2021: net debt of £1.3m)
