The Smiths News Board has proposed a final dividend of 2.75p, making a total dividend for the year of 4.15p (FY2021: 1.65p). The final dividend will be paid on 9 February 2023 to all shareholders who are on the register at the close of business on 13 January 2023; the ex-dividend date will be 12 January 2023.
Other financial highlights include:
Performance ahead of full year market expectations
Core sales remaining resilient and benefiting from a favourable margin mix
Successful mitigation of inflation in line with expectations
Free cash flow of £48.2m benefitting from £22m of expected one-off inflows
Significant reduction in bank net debt to £14.2m, representing 0.3x EBITDA (ex. IFRS16 leases)
Contracts for 35% of their newspaper and magazine revenues re-secured until 2029
New financial year has started well with trading in line with expectations
