Key highlights:
· Revenue performance in line with guidance and full year guidance maintained at minus 4% to minus 6% on a constant currency ("CCY") basis.
· SUSE separation and disposal delivered in line with timetable resulting in a $1,727.2m profit on disposal and $1,800.0m returned to shareholders.
· Adjusted EBITDA margin1 increased 2.8ppt to 40.0% on a CCY basis.
· Transformation programmes remain on target for completion in 2020.
· Strong cash performance, with Adjusted Cash Conversion1 of 115.1% (30 April 2018: 96.1%) and free cash flow1 of $429.9m in the six months ended 30 April 2019 (30 April 2018: $213.7m).
· Adjusted Net Debt1 of $3,807.5m at 30 April 2019, 2.7 times Adjusted EBITDA, after including the $1,800.0m return to shareholders in May 2019.
· Adjusted Diluted Earnings per Share growth from continuing operations of 8.4%.
· Interim dividend of 58.33 cents per share (six months ended 30 April 2018: 58.33 cents).
· Profit for the period of $1,397.1m (30 April 2018: $619.7m).
Later;
Dividend
Following the 18 month period covered in the 31 October 2018 Annual Report and Accounts and the payment of three six-monthly dividends, the Group is now returning to its customary two dividend payments during the financial year. The dividend policy remains unchanged at approximately two times covered by the adjusted post-tax earnings of the company.
As a result, we are pleased to announce that the interim dividend will be 58.33c. We expect to maintain this level of interim dividend per share in future years, with a progressive final dividend consistent with our policy, as we return towards our historic dividend phasing of paying approximately one third by way of interim and two thirds by way of final dividend.
The dividend will be paid in Sterling equivalent to 46.66 pence per share, based on an exchange rate of £1 = $1.25, the rate applicable on 8 July 2019, the date on which the board resolved to pay the dividend. The dividend will be paid on 30 September 2019 to shareholders on the register as at 6 September 2019.
https://www.investegate.co.uk/micro-foc ... 00068652E/