Daisy unveil dividend policy

Daisy Group is pleased to issue the following statement prior to entering the close period for its preliminary results. The Board confirms that revenues and adjusted EBITDA are expected to be in line with market expectations for the year ended 31 March 2013.

Free cash flow generation for the year has been strong and is expected to be materially ahead of current market expectations. As a result, net debt will be at the low end of the current market range.

Dividend

Aided by the strong free cash flow performance reported today and with confidence for continued strong cash generation moving forward, the Board today announces its intention to implement a progressive dividend policy.

In respect of the full year results to 31 March 2013, the Board intends to declare a maiden dividend of 4.0p per ordinary share at the Group’s preliminary results on 18 June 2013.

For FY 14 and FY 15, the Group is firmly committed to growing the dividend and expects the dividend per share to grow by 15% per annum in each of these years.

Matthew Riley, Chief Executive Officer of Daisy Group plc, said: “Though trading trends have continued as highlighted at the interim results, we are pleased to report this is balanced with improved revenue mix, product diversification and strong cash flow generation.

“Our recently announced new £200m banking facility enables us to continue to review acquisition opportunities alongside the implementation of the progressive dividend policy we have announced today.”

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