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UNITED UTILITIES GROUP PLC 2012 ANNUAL GENERAL MEETING AND INTERIM MANAGEMENT STATEMENTUnited Utilities issues an interim management statement, for the period 1 April 2012 to 26 July 2012, ahead of its annual general meeting to be held today at The Midland Hotel, Peter Street, Manchester. Commenting on the group's performance for the year ended 31 March 2012, Chairman, Dr John McAdam, will say:"During the last 12 months we have made good progress towards achieving our vision of becoming a leading North West service provider and one of the best UK water and wastewater companies. We have reported another good set of results in a tough economic climate and have delivered significant improvements in customer satisfaction. We are also confident that we can improve further. Alongside this, we increased capital investment in our assets by 12 per cent to Â£680 million for the year, providing benefits for our customers, the regional economy and the wider environment."In line with our policy, the board has proposed a final dividend of 21.34 pence per share. Taken together with the interim dividend of 10.67 pence, paid in February, the total dividend for the 2011/12 year is 32.01 pence per share, an increase of 6.7 per cent over the prior year. Looking ahead, we plan to continue with our policy of targeting real dividend growth of RPI inflation plus two per cent per annum through to at least 2015."Trading updateCurrent trading is in line with the group's expectations of delivering a good underlying financial performance for 2012/13. The company's business improvement initiatives continue to progress well and this, coupled with performance to date, has reinforced management's confidence in delivering its regulatory outperformance targets over the 2010-15 regulatory period.Revenue is higher, reflecting the regulated price increase for 2012/13. However, as expected, this increase is slightly below the allowed regulated price rise, principally reflecting the ongoing impact of customers switching to meters and continued lower commercial volumes. The increase in revenue is largely offset by higher depreciation, as outlined previously, and higher levels of infrastructure renewals expenditure and other operating costs which are both impacted by the transfer of private sewers. Infrastructure renewals expenditure has increased in line with the company's planned investment profile, as United Utilities invests to maintain and improve the resilience ofits network. The increase in other operating costs also reflects higher property rates, as expected. Regulatory capital investment has continued at high levels and is expected to be around £700 million (including infrastructure renewals expenditure) in 2012/13.
DividendMax Limited
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DividendMax Limited
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DividendMax Limited
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FIRSTGROUP PLC AGM STATEMENT AND INTERIM MANAGEMENT STATEMENTFirstGroup ("the Group") will provide the following update on trading during the first quarter period ("the period" or "Q1") from 1 April to 30 June 2012 at the Group's Annual General Meeting in Aberdeen today.Commenting, Tim O'Toole, Chief Executive, said:"I am pleased to report that trading during the first quarter of the new financial year is in line with our expectations. As previously stated, 2012/13 is a year of transition for the Group. We remain encouraged by the progress in our North American operations. In UK Rail we continue to see strong passenger and revenue growth and are focusing on service quality and delivery, whilst developing future opportunities. In UK Bus we are executing our plan to reform the operating model and achieve sustainable growth. Notwithstanding the steady performance during the period we have accelerated our programme to reposition the portfolio and place the business on a firm footing to achieve sustainable growth in patronage and revenue. We are looking forward to the London 2012 Games where we are proud that our UK Bus division will be a major provider of spectator transport."The combined effect of the outlook for trading together with the actions to reposition the UK Bus portfolio is expected to result in the Group's net cash flow being broadly neutral in 2012/13. We have leading positions in a sector that is a key enabler of economic growth and we are confident that the actions we are taking will strengthen the business for the future. Therefore, reflecting its longer term view, the Board remains committed to its current policy of dividend growth of 7.0% through to the end of the financial year 2012/13."
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