|
|
Year ended 31 December 2020 |
Year ended 31 December 2019 |
Movement |
|
|
£m |
£m |
|
|
|
|
|
|
|
Group Revenue |
118.7 |
147.0 |
(19.3%) |
|
|
|
|
|
|
Adjusted Operating Profit 1 |
11.7 |
32.4 |
(64.1%) |
|
Operating Profit |
6.6 |
32.4 |
(79.7%) |
|
|
|
|
|
|
Adjusted Profit Before Tax (PBT) 1 |
11.6 |
32.4 |
(64.2%) |
|
Profit Before Tax (PBT) |
6.5 |
32.4 |
(79.8%) |
|
|
|
|
|
|
Adjusted PBT Margin 1 |
9.8% |
22.1% |
(12.3ppts) |
|
PBT Margin |
5.5% |
22.1% |
(16.6ppts) |
|
|
|
|
|
|
EBITDA 2 |
16.5 |
37.0 |
(55.5%) |
|
|
|
|
|
|
Adjusted earnings per share (basic) 1 |
25.56p |
72.81p |
(64.9%) |
|
Earnings per share (basic) |
13.14p |
72.81p |
(82.0%) |
|
|
|
|
|
|
Cash and cash equivalents |
47.3 |
40.9 |
+15.6% |
|
|
|
|
|
|
Proposed Final Dividend |
8.8p |
28.0p 6 |
(68.6%) |
|
Full year dividend |
36.8p |
12.4p 6 |
+196.8% |
· Vimto Brand Value in the UK +6.7% versus soft drink market of +2.5% 3
· Vimto Brand 'in-market' Middle East sales remained resilient through Ramadan despite Sweetened Beverage Tax (SBT) and Covid-19 restrictions
· Vimto in Africa delivered strong revenue growth of +7.4%
· Vimto continues to progress across the rest of the world, delivering revenue growth of 17.3%
· Out of Home (OoH) significantly impacted by the pandemic with revenues down 61.4% and fixed costs weighing heavily on overall financial performance
· Strong cash performance in the period, Free Cash Flow 4 +£17.6m, Cash Conversion 5 at 186%
o Working capital focus with slower end of year 2020 due to Covid-19
· Exceptional charge of £5.1m
o Of which £3.8m, non-cash Impairment of Feel Good Goodwill and Intangible Assets
o £1.3m operational review and restructuring
· Final dividend proposed of 8.8p reflecting 2x cover 7 for combined 2019 and 2020 performance period
· Continued uncertainty for 2021 outlook, guidance remains withdrawn