Direct Line increase dividend by 2.9%
Interim ordinary dividend of 7.2 pence per share has been declared.
With a strong capital position, solvency capital ratio of 180% (after the interim dividend) reflecting continued prudence given current political and economic uncertainties.They have grown their interim dividend by 2.9% and reiterate their 2019 financial targets of a combined operating ratio of 93% to 95%, normalised for weather, and operating expenses of less than £700 million.
Other financial highlights include:
- They grew direct own brands in-force policies by 2.0%, demonstrating our diversified portfolio and pricing capabilities in competitive markets. Total in-force policies reduced by 3.2% primarily as a result of partnership exits announced in 2017.
- Gross written premium was 2.2% lower. A reduction in Motor was partially offset by growth in Rescue and Commercial whilst Home own brands were stable, demonstrating our diversification.
- Operating expenses of £363.0 million were £16.1 million lower than H1 2018 and the lowest since H1 2015. H1 costs are typically higher than H2 due to timing of Flood Re levy payments. The Group remains on track to reduce operating expenses to less than £700 million in 2019.
- Combined operating ratio of 92.5% improved by 0.4 percentage points largely due to benign weather in the period. Adjusting for normal weather, the combined operating ratio was 94.6% (H1 2018: 90.7%), within the Group's medium-term target of 93% to 95%. The change in the Ogden discount rate to minus 0.25%7increased the combined operating ratio by 1.1 percentage points.
- Operating profit of £274.3 million was £31.2 million lower mainly due to the reversal of the exceptional Motor performance in the first half of 2018, the non-repeat of a gain on an own property sale and lower investment gains which were partially offset by lower weather claims costs and lower operating expenses.
The WH Smith Board has a progressive dividend policy and expects that over time dividends would be broadly covered twice by earnings calculated on a normalised tax basis. The Board has proposed a final dividend of 41.0p per share, an increase of 8% on the prior year, giving a total ordinary dividend per share of 58.2p, an 8% increase on the prior year.Read more
Bellway have announced that their growth in earnings has enabled the board to recommend a 5.3% increase in the final dividend to 100.0p per share (2018 - 95.0p), increasing the proposed total dividend for the year by 5.2% to 150.4p per share (2018 - 143.0p).Read more
The Walker Greenbank Board has declared an interim dividend of 0.52p per share (H1 2018: 0.69p) with the previous year's dividend pay-out ratio expected to be maintained for the current financial year. The interim dividend will be payable on 22 November 2019 to shareholders on the register as at 25 October 2019.Read more
As a result of the progress made with their strategy, the Morses Club Board is delighted to declare an interim dividend of 2.6p per shareRead more
The N Brown Group Plc Board is declaring an interim dividend of 2.83p per share which is flat on last year's interim dividend.Read more
Volution paid an interim dividend of 1.60 pence per share in May 2019. On the basis of their results and financial position, the Volution Board has proposed a final dividend of 3.30 pence per share, giving a total dividend for the financial year of 4.90 pence (2018: 4.44 pence per share), an increase of 10.4% on the previous year.Read more
Despite the underlying profit before tax being down year-on-year, the Board is proposing to increase the interim dividend by 0.05p (2.9%) to 1.80p, which is in line with our stated dividend policy of cover being between 1.5 and 2.0 times underlying earnings per share.Read more
PHP announces the payment of its fourth quarterly interim dividend in 2019 of 1.4 pence per ordinary share of 12.5 pence each (Ordinary Shares). The dividend will comprise a Property Income Distribution (PID) of 0.5 pence per share and an ordinary dividend of 0.9 pence per share. The Company will be offering a scrip alternative with this dividend.Read more
The Board has declared an interim dividend of 7.8p (2018: 17.9p), which will be payable on 22 November 2019 to shareholders on the register at the close of business on 11 October 2019.Read more
The interim dividend has been set at 2.65 pence per ordinary share, an increase of 58.7% year-on-year. The interim dividend was approved by the Board of Directors on 1 October 2019. As previously announced, they anticipate a split of broadly one-third to two-thirds between the interim and final dividend and expect a full year dividend pay-out ratio of 50%.Read more