Decent results11 Jul 2024 07:06
"Financial Results
Group Revenue increased by 24% to £6,255.3m (2023: £5,033.5m). Group profit before FX revaluation and taxation increased by 33% to £520.1m† (2023: £390.8m†) and Group profit before taxation increased by 43% to £529.5m (2023: £371.0m).
A strong balance sheet and ample liquidity are important attributes in this industry, given its nature and capital intensity. As at 31 March 2024, our cash and money market deposits† totalled £3,184.7m (2023: £2,624.7m) with our 'Own Cash'† balance increasing to £1,331.4m (2023: £1,127.1m). Net cash, stated after borrowings and lease liabilities increased by 38% to £1,729.3m (2023: £1,249.7m). This financial capacity not only prepares us for increasing gross capital expenditure (which is expected to approach £5.0bn over the coming six years) and debt repayment commitments, but also provides a solid foundation for those opportunities and challenges that the current and future macro-economic environments may present.
Basic earnings per share increased 37% to 185.9p (2023: 135.4p).
Dividend
In view of the financial performance, our financial strength and continued confidence in the Group's prospects, in line with its capital allocation principles, the Board has resolved to pay a final dividend of 10.7p per share (2023: 8.0p), representing an increase of 34%. This final dividend is subject to shareholders' approval at the Company's Annual General Meeting on 5 September 2024 and will be payable on 23 October 2024 to shareholders on the register at the close of business on 20 September 2024, with the ex-dividend date being 19 September 2024."