McCarthy and Stone announce a maintained total dividend of 5.4p per share
The McCarthy and Stone Directors are proposing a final dividend of 3.5p per share, maintaining a total dividend for the year at 5.4p per share (2018: 5.4p per share) reflecting the Board's confidence in the Group's strategy despite lowering profits.
Other financial highlights include:
During the 14 month period ended 31 October 2019 revenue increased to £725m (2018: £672m) supported by a 3% increase in average selling price to c.£308k (2018: £300k) and total legal completions of 2,301 units (2018: 2,134).
Underlying operating profit was at £68m (2018: £68m), while the underlying operating profit margin decreased to 9.4% (2018: 10.1%). This reduction in margin percentage was mainly driven by an increased usage of part-exchange and incentives to counteract subdued market conditions.
Profit before tax decreased to £43m (2018: £58m), with £17m of exceptional costs incurred during the period, mainly representing the cost of land which will no longer be developed net of any residual land value to be recovered, redundancy costs and consultants' fees in relation to the strategic review.
Underlying basic earnings per share marginally increased to 9.5p (2018: 9.2p).
Basic earnings per share decreased to 6.5p (2018: 8.6p).
Strong balance sheet, with year-end net cash of £25m (2018: £4m) notwithstanding the increased level of in-house part-exchange transactions and the seed portfolio of rental properties currently held on the balance sheet prior to their onward sale to a strategic rental partner.
As at 31 October 2019, the Group held a portfolio of 101 let retirement rental units. This portfolio of rental assets has been accounted on the balance sheet as investment properties and valued at £27.6m based on a valuation carried out by independent valuation consultants. The associated revaluation uplift of £5.9m (2018: nil) has been recognised within 'other operating income' on the income statement.
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The Beazley board announces a second interim dividend of 8.2p per ordinary share, in line with their strategy of delivering 5-10% dividend growth. Together with the first interim dividend of 4.1p this takes the total dividends declared for 2019 to 12.3p per ordinary share (2018: first interim dividend of 3.9p plus a second interim dividend of 7.8p, totalling 11.7p).Read more
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The St. Modwen Properties dividend policy is aligned to cash profitability and they intend to pay a dividend equivalent to c. 50% of adjusted EPRA EPS per year. Reflecting this, they will pay a final dividend of 5.1 pence per share, to be paid on 3 April 2020 to shareholders on the register as at 6 March 2020. This brings the total dividend for the year to 8.7 pence, marking an increase of 22.5% versus last year (2018: 7.1 pence).NAV per share up 3.0% to 484.2 pence (2018: 470.2 pence) despite 7.8 pence exceptional provision.Read more
Micro Focus proposes a final dividend of 58.33 cents, taking total dividend per share to 116.66 cents for the period. The Group's dividend policy remains unchanged at two times covered by the adjusted earnings of the company, of which one third will be paid as interim and two thirds as final.Read more
BP today announced a quarterly dividend of 10.5 cents per ordinary share ($0.63 per ADS), which is expected to be paid on 27 March 2020. The corresponding amount in sterling will be announced on 16 March 2020.Read more