Quilter announces maiden interim dividend at 1.7pence per share
Quilter plc reports 5% growth in adjusted profit before tax to £115 million and an interim dividend of 1.7 pence per share for the first time.
Other financial highlights include:
Adjusted profit before tax up 5% to £115 million (H1 2018: £110 million), of which:
o £89 million, an increase of 7%, from Quilter excluding Quilter Life Assurance ('QLA') (H1 2018: £83 million); and
o £26 million from QLA (H1 2018: £27 million).
Adjusted diluted earnings per share of 5.5 pence in line with H1 2018, of which:
o 4.1 pence from Quilter excluding QLA (H1 2018: 4.1 pence); and
o 1.4 pence from QLA (H1 2018: 1.4 pence).
Agreed disposal of QLA, subject to regulatory approval, to ReAssure for consideration of £425 million representing 120% of end 2018 own funds (after taking into account dividend payments of £130 million made to Quilter during the course of 2019). The Board is currently minded to undertake a meaningful capital distribution from the net sale proceeds to shareholders with the method of capital return subject to shareholder consultation. We will update on the amount and method of distribution at the closing of the transaction, expected to be late 2019.
IFRS loss before tax attributable to equity holders from continuing operations of £40 million (H1 2018: £nil), principally due to the period on period change in policyholder tax movements.
Interim dividend of 1.7 pence per share.
Operating margin stable at 29% including QLA (26% excluding QLA).
Assets under Management/Administration ('AuMA') up 8% from 31 December 2018 to £118.4 billion (FY 2018: £109.3 billion), of which:
o £108.7 billion, an increase of 9%, from Quilter excluding QLA (FY 2018: £99.3 billion); and
o £12.1 billion, a decrease of 2%, from QLA (FY 2018: £12.4 billion).
Gross sales (excluding QLA) of £6.0 billion (H1 2018: £7.9 billion, H2 2018: £6.3 billion).
Net Client Cash Flow ('NCCF') (excluding QLA) of £0.3 billion (H1 2018: £3.0 billion) with a modest (£0.2 billion) outflow in the second quarter predominantly attributable to the impact of expected client redemptions in Quilter Cheviot of c.£0.8 billion.
Integrated flows (excluding QLA) of £1.3 billion (H1 2018: £2.8 billion).
Solvency II ratio of 181% after payment of interim dividend (FY 2018: 190%).
UK Platform Transformation Programme is making good progress with final software testing in progress and validation of migration data integrity nearing completion. Initial migration expected by early 2020 and full programme expected to complete by around this time next year at an additional cost of approximately £25 million.
Business optimisation and cost saving initiatives progressing well with £11 million of benefits realised for 2019 providing support to the first half operating margin.
Whitbread's dividend policy is to grow the dividend broadly in line with earnings across the cycle. An interim dividend of 32.7 pence per share (H1 FY19: 32.7p), flat versus last year, amounting to £44 million, was declared by the Board on 21 October 2019. The dividend will be paid on 13 December 2019 to all shareholders on the register at the close of business on 8 November 2019. Shareholders will again be offered the option to participate in a dividend re-investment plan.Read more
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