Net (debt)/cash 1 can be reconciled as follows:
2022 £m
2021 £m
73.2
Cash and cash equivalents
116.5
(125.6)
Borrowings (net of deferred issue costs)
(33.2)
Net (debt)/cash (excluding lease liabilities) 1
(52.4) (32.6)
83.3
Lease liabilities
(34.4)
Net debt 1
(85.0)
48.9
The calculation of the cash conversion ratio 1 is set out below:
2022 £m 60.3 59.2
2021 £m
% change/ % pts
Net operating cash flow before interest and taxation (A)
46.3 30.2% 52.5 12.8%
Adjusted EBITDA 1 (B)
101.9%
Cash conversion ratio 1 (%) (A)/(B)
88.2% 13.7% pts
Net operating cash flow before interest and taxation includes acquisition costs of £7.3m (2021: £1.2m). The reduction in tax paid is mainly due to the Group currently being in a net tax recoverable position following payments in advance. Net cash capital expenditure during the period was £8.2m (2021: £4.3m), which includes tangible asset expenditure of £5.2m (2021: £2.7m) and capitalised software and development costs of £3.0m (2021: £2.1m), which has been offset in the prior year by proceeds from the disposal of an intangible asset for £0.5m. Free cash flow before acquisition costs of £7.3m (net cash generated from operating activities less capital expenditure and acquisition costs) increased by £18.1m to £53.9m. Dividends Dividends of £14.4m paid in the period (2021: £13.0m) comprised the final dividend for FY21 of 3.15p and the interim dividend of 1.5p per ordinary share for FY22 (2021: 1.5p). The Board is declaring an unchanged final dividend of 3.15p per ordinary share (2021: 3.15p). This represents a dividend equal to that paid in the prior year as the Board is conscious of the need to invest in initiatives to support longer-term growth and service the debt profile following the recent acquisition. The final dividend of approximately £9.8m will be paid on 11 November 2022, to shareholders on the register at the close of business on 14 October 2022. The ex-dividend date is 13 October 2022.
Tim Kowalski Chief Financial Officer 6 September 2022
1 S ee Note 3 for an explanation of Alternative Performance Measures (APMs) and adjusting items. Further information is also contained within the Chief Financial Officer’s Review and the Glossary of terms.
NCC Group plc — Annual report and accounts for the year ended 31 May 2022
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