The DiscoverIE Board is recommending a 6% (0.45 pence) increase in the final dividend per share to 7.9 pence per share, giving a full year dividend per share of 11.45 pence, and representing an underlying earnings cover of 3.1 times (FY 2021/22: 2.7 times).
The Board aims to maintain a progressive dividend policy along with a long-term dividend cover of over three times on an underlying basis. With continued growth of the Group, this is expected to enable funding of both sustainable dividend growth and a higher level of investment in acquisitions from internally generated resources.
The final dividend is payable on 1 August 2023 to shareholders registered on 23 June 2023.
Other financial highlights include:
o Group sales up 18%, with organic sales up 10%, (divisional growth M&C: +11%; S&C: +8%)
o Organic gross margins robust despite inflation headwinds
o Underlying operating profit increased by 25%
o Underlying EPS increased by 20%
