https://www.investegate.co.uk/glaxosmit ... LC%20Alert
Financial highlights
· Pharmaceuticals sales £4.2 billion, +4% AER, +2% CER; Vaccines £1.5 billion, +23% AER, +20% CER; Consumer Healthcare £2.0 billion, flat AER, +1% CER.
· Total Group operating margin 18.6%. Adjusted Group operating margin 28.2%, +1.6 percentage points AER, +1.0 percentage point CER (Pharmaceuticals 29.8%; Vaccines 40.3%; Consumer Healthcare 21.7%). Benefits from strong sales growth and phasing of R&D.
· Total EPS 16.8p, +50% AER, +42% CER.
· Adjusted EPS 30.1p, +22% AER, +18% CER, driven by strong operating performance, continued financial efficiencies, reduction in minority share and a one-off benefit to associates.
· Net cash flow from operations £663 million. Free cash flow £165 million.
· 19p dividend declared for the quarter; continue to expect 80p for full year 2019.
· 2019 Guidance reaffirmed.
Returns to shareholders
Quarterly dividends
The Board has declared a first interim dividend for 2019 of 19 pence per share (Q1 2018: 19 pence per share).
GSK recognises the importance of dividends to shareholders and aims to distribute regular dividend payments that will be determined primarily with reference to the free cash flow generated by the business after funding the investment necessary to support the Group's future growth.
The Board intends to maintain the dividend for 2019 at the current level of 80p per share, subject to any material change in the external environment or performance expectations. Over time, as free cash flow strengthens, it intends to build free cash flow cover of the annual dividend to a target range of 1.25-1.50x, before returning the dividend to growth.
Payment of dividends
The equivalent interim dividend receivable by ADR holders will be calculated based on the exchange rate on 9 July 2019. An annual fee of $0.03 per ADS (or $0.0075 per ADS per quarter) (2018: $0.02 per ADS; $0.005 per ADS per quarter) is charged by the Depositary.
The ex-dividend date will be 16 May 2019, with a record date of 17 May 2019 and a payment date of 11 July 2019.
Maintaining the dividend at last year's level was of course already advised by the company. Still, it is nice to confirm no cut - for Q1 anyway
Ian