Whilst acknowledging their responsibilities to wider stakeholders, S&U has always felt a primary responsibility to its shareholders. They fulfil this by regular engagement, and by distributing the rewards of the company success with them; this implies their normal practice of a 50% distribution of post-tax profits in dividends. This year the vacillations of the government over future corporation tax rates have clouded these decisions. Therefore, in the light of an EPS of 277.5p per share the board proposes to recommend, subject to the approval of their shareholders at the AGM on the 25 May 2023, a final dividend of 60p (2022: 57p) per Ordinary Share. This final dividend will be paid on 7 July 2023 to shareholders on the register on 16 June 2023. This will mean that total dividends this year will be 133p per share (2022: 126p).
Other Financial Highlights:
Profit before tax : £41.4m (2022: £47.0m; 2021: £18.1m; 2020 pre-pandemic: £35.1m)
Revenue increased by 17% to £102.7m (2022: £87.9m)
Group net receivables at year-end increased by 30% to £420.7m (2022: £322.9m)
Group impairment charge of £13.9m (2022: £4.1m; 2021 £36.7m; 2020 pre-pandemic: £17.2m)
Group net finance costs at £7.5m (2022: £3.8m) higher borrowings and increased base rates this year
Basic earnings per share: 277.5p (2022: 312.8p; 2021: 120.7p; 2020 pre-pandemic: 239.6p)
Net Borrowings at £192.4m (2022: £113.6m) - gearing at 85.5% (2022: 54.9%)
