The Inchcape Plc Board has proposed a final ordinary dividend of 24.3p, which is subject to the approval of shareholders at the 2024 Annual General meeting, and if approved will be paid in June 2024. This follows an interim dividend of 9.6p, and takes the total dividend in respect of FY 2023 to 33.9p. The Dividend Reinvestment Plan is available to ordinary shareholders and the final date for receipt of elections to participate is 24 May 2024.
Other financial Highlights Include:
- Group Revenue up 41% on a reported basis to £11.4bn, boosted by acquisition of Derco
- Group organic revenue growth of 12%, Distribution organic growth of 16%
- Adjusted PBT up 35% to £502m and Statutory PBT up 24% to £413m
- Operating profit growth and higher operating margins of 5.8% (FY 2022: 5.1%) more than offsetting higher interest
- Capital allocation policy remains unchanged, with near term focus on deleveraging
- ROCE of 26%, free cash flow conversion ahead of guidance range of 60%-70% at 74%, with leverage at 0.8x
