Yu Group Plc announced that in addition to the 3p interim dividend, the Board recommended a final 2023 dividend of 37p per share (2022: 3p). Strong cash generation remains a focus, and the firm hopes to maintain and enhance its progressive dividend policy as Group earnings and cash flow increase whilst retaining ample cover of at least 3x earnings. The firm therefore announced the payment of a final dividend of 37p per share, being £6.2m payable on 20 June 2024. The shares will go ex-dividend on 30 May 2024 and the record date is 31 May 2024.
Other financial highlights include:
Revenue of £460.0m, up 65% in year (FY22: £278.6m) following strong sales bookings.
Adjusted EBITDA at £42.6m (FY22: £7.9m), with strong Net Customer Contribution performance as the Group scales and benefits from its market positioning and investment in digital and smart meters.
Profit before tax increased to £39.7m (FY22: £5.8m) and fully diluted, adjusted EPS of £1.82 (FY22: £0.30).
Net Cash plus collateral at 31 December 2023 of £81.9m (FY22: £19.0m), representing £4.89 per share.
Operational cash inflow of £16.1m (FY22: £14.7m) after £49.8m collateral outflow, now fully returned, as part of energy trading arrangements.
Final recommended dividend of 37p per share (FY22: 3p), providing total FY23 dividend of 40p per share (FY22: 3p) which is covered 4.6x by earnings.
Capital reduction process commenced to cancel the share premium account and increase distributable reserves by £11.9m to enable further flexibility around future capital distributions.
