The Dowlais Group Board has declared an interim dividend of 1.4 pence per ordinary share. The interim dividend will be paid on 27 October 2023 to shareholders on the register on 22 September 2023. The deadline to elect to participate in the Dividend Reinvestment Plan (DRIP) is 6 October 2023.
Other financial highlights include:
•Adjusted revenue of £2,830 million, up 10% on prior year on a constant currency basis.
•Adjusted operating profit of £177 million, an increase of 40% and 140bps margin improvement, in each case on a constant currency basis.
•Margin improvement driven by volume increases, operational efficiencies and improved commercial terms with customers, fully offsetting the impact of inflation. Incremental revenues at a drop-through operating profit margin of 35%, excluding incremental stand-alone plc costs. Remain on-track to margin target.
•Automotive adjusted revenues grew 12% and adjusted operating profit grew 92%, with margin increasing by 270bps, in all cases on a constant currency basis.
•Powder Metallurgy revenue grew 2% on a constant currency basis. Operating profit markedly improved in H1 in comparison to H2 2022.
•Adjusted basic earnings per share of 7.2 pence and a statutory loss per share of 6.1 pence.
