Enabling the capture and sharing of exceptional content
Annual Report
and Accounts 2022
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Videndum plc Annual Report and Accounts 2022 | 01 |
We are a leading global provider of premium branded hardware products and software solutions to the growing content creation market.
Contents
Strategic Report | Corporate Governance | Financial Statements | |||
2022 financial highlights | 02 | Chairman's statement | 82 | Independent auditor's report | 163 |
Our global footprint | 04 | A snapshot of governance | 84 | Introduction and table of contents | 170 |
About us and our brands | 06 | Board of Directors | 86 | Primary statements | 171 |
Strategic framework | 08 | Leadership, purpose, values and culture | 88 | Section 1 - Basis of Preparation | 176 |
Business model | 09 | The role of the Board | 90 | Section 2 - Results for the Year | 178 |
Market opportunity | 10 | Key Board activities in 2022 | 94 | Section 3 - Operating Assets and Liabilities | 187 |
Stakeholder value creation | 12 | Section 172 statement | 96 | Section 4 - Capital Structure | 197 |
Chairman's welcome | 14 | The Board and our stakeholders | 97 | Section 5 - Other Supporting Notes | 206 |
CEO's review | 16 | The Board's major decisions in 2022 | 100 | Company Financial Statements | 216 |
Media Solutions | 20 | Division of responsibilities | 102 | Glossary of Alternative Performance Measures | 224 |
Production Solutions | 26 | Composition, succession and evaluation | 105 | Five Year Financial Summary | 229 |
Creative Solutions | 30 | Nominations Committee report | 109 | Shareholder Information and Financial Calendar 230 | |
Operational and financial review | 34 | Audit, risk and internal control | 113 | ||
Key Performance Indicators | 42 | Audit Committee report | 116 | ||
Principal risks and uncertainties | 44 | Remuneration report | 122 | ||
Responsible business | 50 | Directors' Remuneration Policy | 128 | ||
Governance framework | 52 | Annual Report on Remuneration | 138 | ||
ESG targets | 54 | Directors' report | 159 | ||
Videndum's roadmap to net zero | 56 | ||||
Task Force on Climate-related | |||||
Financial Disclosures report ("TCFD") | 57 | ||||
Environment | 70 | ||||
Our people | 72 | ||||
Giving back | 76 | Cover image: Josefin Kuschela | |||
Responsible practices | 78 | videndum.com | |||
Non-Financial Information Statement | 81 | Image above: Felix Belloin |
02 | Strategic Report |
2022 financial highlights
Revenue | Net debt* | Recommended final dividend | ||
£451.2m | £193.5m | 25.0p | ||
per share | ||||
Up 14% | Up 4% | |||
2022 | £451.2m | 2022 | £193.5m | |
2021 | £394.3m | 2021 | £145.2m | |
2020 | £290.5m | 2020 | £90.8m | |
Adjusted operating profit* | Statutory operating profit | Interim dividend per share | ||
£60.0m | £31.5m | 15.0p | ||
Up 30% | Down 6% | |||
2022 | £60.0m | |||
2021 | £46.2m | |||
2020 | £9.9m | |||
Adjusted operating margin* | Statutory operating margin | Recommended total | ||
13.3% | 7.0% | 40.0p | ||
dividend per share | ||||
Up 160 bps | Down 150 bps | Up 14% | ||
Adjusted basic Earnings Per Share* | Basic Earnings Per Share | |||
90.1p | 71.4p | |||
Up 29% | Up 27% |
Read more on page 35
- In addition to statutory reporting, Videndum plc reports Alternative Performance Measures ("APMs") which are not defined or specified under the requirements of International Financial Reporting Standards ("IFRS"). The Group uses these APMs to aid the comparability of information between reporting periods and Divisions, by adjusting for certain items which impact upon IFRS measures, to aid the user in understanding the activity taking place across the Group's businesses. APMs are used by the Directors and Management for performance analysis, planning, reporting and incentive purposes. A summary of APMs used and their closest equivalent statutory measures is given in the Glossary on pages 224 to 228.
Videndum plc Annual Report and Accounts 2022 | 03 |
Key points
2022 financial highlights
- Record revenue (+14%) and adjusted profit before tax* (+27%).
- Organic, constant currency revenue slightly ahead of last year, despite softness in the consumer segment (c.10% of Group revenue) and some retail destocking.
- Executing on our M&A strategy with acquisitions integrated well.
- Adjusted operating margin* progression (+160 bps); pricing again more than offset inflation and a continued well-managed cost base.
- Delivered operating cash conversion* of 83%.
- As expected, net debt* increased due to M&A activity and exchange rates.
- Net debt to EBITDA of 2.1x (loan covenants basis).
- Progressive total dividend of 40.0p per share (+14%).
.
Strategic positioning and outlook
- Uniquely positioned at the heart of the growing global content creation market.
- Continued adjusted operating margin* improvement.
- Additional opportunities identified for a number of self-help actions to further streamline our cost base and deliver cross-Divisional synergies.
- Expect stable FY 2023 adjusted profit before tax*, with higher operating profit offset by increased interest charges; higher than usual H2 weighting due to current macroeconomic environment.
Image: Josefin Kuschela
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Videndum plc published this content on 22 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 March 2023 14:12:03 UTC.