The Midwich Group Plc Board is to declare an interim dividend of 5.5 pence per share (H1 2023: 5.5p). This will be paid on 18 October 2024 to those shareholders on the Company's register as at 13 September 2024. The last day to elect for dividend reinvestment ("DRIP") is 27 September 2024.
Other financial highlights include:
Revenue increased 9% to $189.3m (FY23: $174.0m)
Adjusted EBITDA increased 6% to $58.3m (FY23: $54.9m)
Annual Recurring Revenue increased to $172.0m (FY23: $169.0m), associated Net Revenue Retention remains high at 98% (FY23: 100%)
Statutory Profit before tax increased 20% to $15.7m (FY23: $13.1m)
Adjusted basic EPS increased 9% to 94.8 cents (FY23: 87.0 cents) and adjusted diluted EPS increased to 93.9 cents (FY23: 86.3 cents)
Basic EPS 33.5 cents (FY23: 26.3 cents) and diluted EPS 33.2 cents (FY23: 26.1 cents)
Robust Operating Cash Conversion4 at 90% of Adjusted EBITDA (FY23: 92%)
Total Cash and cash equivalents $34.6m (FY23: $78.5m)
Significant reduction in Total Bank Debt in the year at $35.4m (FY23: $83.0m), with continued investment in the Trisus Platform
Completed share buyback programme utilising £5m ($6.3m) allocated
