The strong organic cash flow of FYMar22 has continued into the first half of FY23. With the last of the earn-outs paid out in July and with a high recurring revenue profile (74%/sales) AdEPT is hiking its dividend. We now forecast 5.0p for FY23 from 3.0p, which is a yield of c. 4.5%. The increased pay-out remains consistent with the programme to deleverage the balance sheet. AdEPT still expects net debt/EBITDA to fall below 2x within 12 months and remains well within its covenants. Management ta ....
