The Board has decided to recommend a final cash dividend of 0.50 pence per share (2021: 0.40 pence per share). This is in addition to an interim cash dividend of 0.20 pence per share (2021: 0.20 pence per share). Furthermore, they will propose a special dividend of 0.58 pence per share to reward their shareholders' loyalty as they go through the SaaS transition, representing the cash proceeds from the disposal of the non-core ARCON business. The total dividends for the year will therefore be 1.28 pence per share (2021: 0.60 pence per share).
The full year and special dividend will follow approval by shareholders at the AGM. The record date is the close of business on 19 May 2023 and the ex-dividend date will be 18 May 2023.
Other Financial Highlights:
- Annualised Recurring Revenue up 14% to £18.2m (2021: £16.0m)
- Total Recurring Revenue up 10% to £16.9m (2021: £15.4m), representing 64% of total revenue (2021: 56% of total revenue)
- Revenues of £26.6m (£27.0m in constant currency terms) in line with market expectations and similar to the prior year (2021: £27.3m). Flat revenues were a consequence of their SaaS transition as they move away from upfront perpetual licences
- Profit measures were slightly ahead of market expectations with EBITDA of £5.2m and Profit Before Taxation of £2.9m, given the impact of the SaaS transition (2021: £7.2m and £3.9m respectively)
- Basic Earnings Per Share of 2.9 pence per share (2021: 3.3 pence per share)
- Gross margins remain at 88.4% (2021: 89.9%) and cash generation remains strong with year-end cash of £12.5m (2021: net cash of £10.0m)
