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RNS Number : 9422N
H&T Group PLC
15 August 2017
 

H&T Group plc

("H&T" or "the Group" or "the Company")                                                      

 

UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2017

 

H&T Group plc today announces its interim results for the six months ended 30 June 2017.

 

John Nichols, chief executive, said: "We have made a strong start, in this our 120th anniversary year, with a 62% increase in profit before tax to £6m driven by revenue increases in all key segments. The results reflect a series of initiatives beginning to bear fruit and a favourable gold price.

 

"The growth in the personal loans book is pleasing. It has increased by 87.3% and there is scope to maintain this trajectory. A combination of competitive pricing and increasing awareness has seen us establish ourselves in this market and customers are now actively seeking us out. We have also broadened our product suite with the launch of our personal loan product providing APRs of less than 50%. This has taken many of our loyal customers on a journey which is now seeing them access longer term, lower cost loans.

 

"We have also expanded our collection of high-end watches and the investment we have made in the est1897.co.uk website means we are now well placed to cement our position in this marketplace. This is a milestone year in the history of H&T and the enhancements we have made across our business, which have redefined the pawnbroking model, allow us to look to the future with confidence."

 

KEY FINANCIAL RESULTS

·     Profit before tax up 62.2% to £6.0m (H1 2016: £3.7m)

·     Basic EPS of 13.07p (H1 2016: 7.99p)

·     Gross pledge book increased by 10.8% to £43.2m (30 June 2016: £39.0m)

·     Personal Loan book increased 87.3% to £11.8m (30 June 2016: £6.3m)

·     Net debt increased to £11.5m (30 June 2016: £6.9m)

·     Interim dividend of 4.3p (2016 interim: 3.9p)

 

OPERATIONAL HIGHLIGHTS

·     Enhancement of the est1897.co.uk website and more than 500 high-end watches now available online or through click and collect

·     Launch of personal loan product providing APRs of less than 50% to selected customers

·     Development of customer acquisition channels for personal loans, with a focus on both online-to-store and broker-to-store conversion

 

Enquiries:

H&T Group plc 

Tel: 0870 9022 600

John Nichols, chief executive                 

Steve Fenerty, finance director                  

 

Numis Securities (broker and nominated adviser)          

Tel: 020 7260 1000

Mark Lander, corporate broking

Freddie Barnfield, nominated adviser

 

Haggie Partners (public relations)                                                                                                          

Tel: 020 7562 4444

Brian Norris

Chanice Smith

INTERIM REPORT

 

Introduction

 

The trading environment has been beneficial to the group during H1 2017; the continued weakness of sterling has helped the sterling gold price and we have seen a reduction in high street competition.  The group has made good progress during 2017, achieving revenue growth in core products, expansion of personal loans and development of our online capability.

 

Our store estate consists of 181 high-street stores, the high-end lending office in Bond Street, London and eight concessions.

 

FINANCIAL RESULTS

 

The group has reported profit before tax of £6.0m (H1 2016: £3.7m), a 62.2% increase, reflecting a strong operational performance and a favourable gold price. 

 

Gross profit increased by £3.3m to £28.5m (H1 2016: £25.2m) as a result of revenue growth in all key segments.  The average gold price increased 15.5% to £983 per troy ounce for H1 2017 (H1 2016: £851), which was the main factor in a £0.6m increase in pawnbroking scrap gross profits.

 

Total direct and administrative expenses increased 4.7% to £22.2m (H1 2016: £21.2m) with the largest components being additional costs associated with management of the personal loans growth and marketing costs. 

 

The group's balance sheet is strong with net debt at £11.5m (30 June 2016: £6.9m) and a net debt to EBITDA ratio of 0.75x (30 June 2016: 0.57x), well within the covenant test of 3.0x.  The group has available headroom on its debt facility of £9m at 30 June 2017.

 

Dividend

 

The directors have approved an interim dividend of 4.3 pence (2016 interim: 3.9 pence). This will be payable on 6 October 2017 to all shareholders on the register at the close of business on 8 September 2017.

 

 

 

REVEW OF OPERATIONS

 

Pawnbroking

 

Pawnbroking remains a core product for H&T and we are pleased to report that the gross pledge book increased to £43.2m (30 June 2016: £39.0m) as a result of four factors: 

·     The higher gold price has enabled us to increase the lending rate per gram on gold by approximately 9%; the loan to value ratio in the book is approximately 70% based on the H1 2017 average gold price

·     The "concession" format has allowed us to access a new customer base as businesses are able to refer leads to their local H&T store

·     The quality watch segment of the book has improved with the support of the Expert Eye system and additional specialist valuation staff

·     The growth of the high-end lending proposition in Bond Street, London

Pawnbroking revenue increased £0.6m to £14.7m (H1 2016: £14.1m) resulting in a risk-adjusted margin (RAM) of 35.1% (H1 2016: 36.9%).  The reduction in the RAM is a result of the changing business mix to higher value, lower interest rate loans.

 

Pawnbroking summary:


6 months ending 30 June:



2017

2016

 Change


£'000

£'000

%

Period-end net pledge book

 42,651

 38,501

10.8%

Average monthly net pledge book

 41,898

 38,323

9.3%





Revenue

 14,708

 14,130

4.1%

Risk-adjusted margin1

35.1%

36.9%


 

Notes to table

1- Revenue as a percentage of the average loan book

 

Pawnbroking scrap

 

Pawnbroking scrap produced gross profits of £1.2m (H1 2016: £0.6m ) for the half year, on sales of £5.9m (H1 2016: £4.9m).  The improved margin is a result of the 15.5% increase in the gold price between H1 2016 and H1 2017. 

 

Retail

 

Retail sales increased 12.5% to £15.3m (H1 2016: £13.6m) and gross profits increased 22.9% to £5.9m (H1 2016: £4.8m) as a result of increased inventory levels in store and a focus on improving margins.

 

The group has made progress both in new jewellery sales and online retail during 2017.  Sales of new items during H1 exceeded £1m for the first time, an increase of 45% on H1 2016, as we build a credible range of new jewellery to complement our pre-owned selection. 

 

We are investing in our online retail proposition in both direct to consumer and click and collect. Particular focus has been on improving our www.est1897.co.uk website, ensuring we have a wide range of products available and the site offers a great shopping experience regardless of device. We now have more than 500 high-end pre-owned watches available online. 

 

We have observed encouraging results by making what is only a small proportion of our overall inventory visible and searchable online.  Further improvements are planned for H2 2017 as we increase the number of items available, enhance the website and improve search strength.

 

Personal Loans

Revenue increased 46.7% to £2.2m (H1 2016: £1.5m), and the loan book increased 87.3% to £11.8m (30 June 2016: £6.3m).  The principal factor in the loan book growth has been the development of the store business although good progress has also been made on online, broker-to-store and third-party relationships.

We believe that the H&T Personal Loan product, both in store and online, is already one of the most affordable and flexible in our marketplace.  We have made significant progress in delivery of the longer-term strategy, with two new lower interest rate and longer term products launched in the past 12 months.  As a result of these developments, the proportion of loans that fall under the definition of high-cost short-term credit in H1 2017 fell to 70.6% (H1 2016: 81.8%).

The growth in the monthly average loan book of 97.1% has resulted in an increase in revenues of 47.5% and is in line with management expectations for credit quality and collections performance.  The reduction in the risk-adjusted margin to 22.4% (H1 2016: 29.9%) is the result of the increased proportion of new customers, expansion in online and the introduction of our lower APR products.

We have delivered a 129% increase in organic traffic to our website www.handt.co.uk in the first half of this year compared with 2016. Most of this increase has come from loan-related and brand-related search terms. We continue to work with a carefully selected portfolio of introducers and partners to increase the segment as we believe that it supports and drives the more profitable store product.  The online loan book has increased from £0.3m to £1.1m since 30 June 2016 and we would expect further growth.

We have also redesigned the process for online customers to apply for loans, effectively redirecting their loan enquiries to local branches.  Although this process of getting the customer from the website to a physical branch is at an early stage, we believe it to have significant potential. 

Personal Loans summary:


6 months ending 30 June:



2017

2016

 Change


£'000

£'000

%

Period-end net loan book

11,822

6,270

88.5%

Average monthly net loan book

9,762

4,954

97.1%





Interest before impairment

4,150

2,350

76.6%

Impairment

1,966

869

126.2%

Revenue

2,184

1,481

47.5%

Risk-adjusted margin1

22.4%

29.9%


 

Notes to table

1 - Revenue as a percentage of average loan book

 

Gold purchasing

 

Gold purchasing profits increased to £1.8m (H1 2016: £1.5m).  The additional profit was mainly the result of increased volumes of gold scrapped, up 47.7% to £6.5m (H1 2016: £4.4m).

 

The impact of an increase in gold price to purchasing profits is relatively short lived.  There is a delay between purchasing gold in store and realising the value through the market; if the gold price increases during this period then margins are enhanced.  As the gold price stabilises, the rate that is paid for gold in store increases and we return to normal margins.

 

The timing of the changes to the gold price was a significant factor in the reduction in gold purchasing margins from 26.3% in H1 2016 to 22.1% in H1 2017.

 

Other services

Total other services revenues were flat at £2.7m (H1 2016: £2.7m) as increases in FX and Buyback transactional profits were offset by reductions in cheque cashing and a difference on FX exchange rate gain and loss between the two periods.

FX transactional profit increased by 16.7% to £1.4m (H1 2016: £1.2m). However, exchange rate losses were £0.1m in the half year (H1 2016: £0.1m gain).  The product is relatively new to the business and we continue to optimise currency holdings in store, develop additional services such as the buy back guarantee and improve customer awareness through development of click and collect.

Buyback gross profits increased 12.5% to £0.9m (H1 2016: £0.8m) as a result of increased customer numbers and some system improvements.  We have developed new systems to support the valuation of assets and anticipate that they will be available online early in H2 2017.  This will allow the extension of our clicks to bricks journey to this product.

 

REGULATION

 

FCA call for input on high-cost credit and review of the high-cost short-term credit price cap

 

In July 2017, the FCA published its response to the call for input which sets out the FCA's:

·     decision to maintain the HCSTC price cap at its current level, with a commitment to review it within 3 years to ensure that it remains effective

·     findings about high-cost credit products, including overdrafts

·     priorities for the next stage of the review, which will focus on overdrafts, rent-to-own, home-collected credit and catalogue credit

We have designed our Personal Loans so that all are below the current cap with the majority significantly lower than the cap.

 

Our strategy to evolve the Personal Loans product to lower interest rates allows existing customers to move away from high-cost credit where possible.  Providing this option is in the best interests of our customers and is a more sustainable product for our business.

 

IFRS 9

 

IFRS 9 'Financial instruments' is effective from 1 January 2018 and replaces IAS 39 'Financial instruments: Recognition and measurement'.

 

IAS 39 requires that impairment is recognised when there is objective evidence of impairment as a result of an event that occurs after the initial recognition of the asset, for example a missed payment on a personal loan.

 

IFRS 9 introduces an expected loss model where impairment is recognised on initial recognition of the asset based on the probability and timing of default together with the expected loss.  Therefore, under IFRS 9 impairment provisions will be recognised earlier than under IAS 39.

 

Over the life of a loan the profit recognised (interest less impairment) is identical under either approach, the implementation of IFRS 9 will only change the timing of profit on a loan.  In a rapidly growing product such as Personal Loans this will result in lower profits initially than would have been the case under IAS 39.

 

On adoption of IFRS 9 there will be an adjustment to the Pawnbroking and Personal Loans receivables balance and to reserves to recognise the additional impairment required. 

 

The 2017 financial statements will be prepared under IAS 39, the 2018 statements will be prepared under IFRS 9.  The group has made good progress in its preparation for the transition to IFRS 9 and expects to be in a position to quantify the impact at the time of presentation of the year end 2017 results.

 

STRATEGY AND OUTLOOK

 

The demand for small-sum, short-term cash loans remains strong.   The group has made good progress in the delivery of our strategy to expand the personal loans product and enhance our online capability.  We are confident that our range of services, our online and offline distribution and our high-quality people provide an excellent platform to serve our marketplace.

 

Current trading is in line with management's expectations. 



 

Interim Condensed Financial Statements

 

Unaudited statement of comprehensive income

For the 6 months ended 30 June 2017

 





6 months ended 30 June 2017

6 months ended 30 June 2016

12 months ended 31 December 2016


Note



Total

Total

Total





Unaudited

Unaudited

Audited





£'000

£'000

£'000








Revenue

2



49,052

42,385

94,223

Cost of sales




(20,529)

(17,192)

(39,453)





________

________

________

 

Gross profit

2



28,523

25,193

54,770








Other direct expenses




(16,181)

(15,841)

(32,247)

Administrative expenses




(6,052)

(5,398)

(12,325)





________

________

________

 

Operating profit

 

3



6,290

3,954

10,198








Investment revenues




-

-

1

Finance costs

5



(261)

(208)

(479)





________

________

________

 

Profit before taxation




6,029

3,746

9,720








Tax on profit

6



(1,274)

(857)

(2,138)





________

________

________

 

Total comprehensive income for the period




4,755

2,889

7,582





________

________

________












Pence

Pence

 Pence








Earnings per ordinary share - basic

7



13.07

7.99

20.94

Earnings per ordinary share - diluted

7



13.04

7.97

20.88








 

All results derive from continuing operations.

 

 



Unaudited condensed consolidated statement of changes in equity

 

For the 6 months ended 30 June 2017

 


Note  







Opening total equity




Total comprehensive income for the period


Issue of share capital


Share option credit taken directly to equity


Dividends paid

9



Closing total equity




 

 

 

 

 

 

 

 

 

 



Unaudited condensed consolidated balance sheet

 

At 30 June 2017

 



At 30 June

2017

At 30 June

2016

At 31 December

2016



Unaudited

Unaudited

Audited


Note

£'000

£'000

£'000

Non-current assets





Goodwill


17,676

17,692

17,676

Other intangible assets


429

619

527

Property, plant and equipment


6,417

7,365

6,874

Deferred tax assets


688

542

682



 

 

 



25,210

26,218

25,759

Current assets





Inventories


33,175

29,043

29,792

Trade and other receivables


63,619

53,889

59,058

Other current assets


1,192

834

848

Cash and cash equivalents


9,496

14,118

9,608



 

 

 



107,482

97,884

99,306



 

 

 

Total assets


132,692

124,102

125,065



 

 

 

Current liabilities





Trade and other payables


(7,227)

(6,081)

(8,887)

Current tax liabilities


(1,273)

(718)

(1,119)



 

 

 



(8,500)

(6,799)

(10,006)



 

 

 

Net current assets


98,982

91,085

89,300



 

 

 

Non-current liabilities





Borrowings

4

(20,762)

(20,667)

(14,715)

Provisions


(1,473)

(1,337)

(1,497)



 

 

 



(22,235)

(22,004)

(16,212)



 

 

 

Total liabilities


(30,735)

(28,803)

(26,218)



 

 

 

Net assets


101,957

95,299

98,847



 

 

 






EQUITY





Share capital

8

1,860

1,843

1,852

Share premium account


26,083

25,409

25,754

Employee Benefit Trust share reserve


(35)

(35)

(35)

Retained earnings


74,049

68,082

71,276



 

 

 

Total equity attributable to equity holders of the parent


101,957

95,299

98,847



 

 

 

 

 

 

 



Unaudited condensed consolidated cash flow statement

For the 6 months ended 30 June 2017


 

Note





Cash flows from operating activities


Profit for the period


Adjustments for:


Investment revenues


Finance costs


261

208

479

Movement in provisions


Income tax expense


Depreciation of property, plant and equipment


Amortisation of intangible assets


Share based payment expense


Loss on disposal of fixed assets




Operating cash inflows before movements in working capital




Increase in inventories


Increase in other current assets


Increase in receivables


(Decrease)/Increase in payables




Cash (used in)/generated from operations




Income taxes paid


Debt restructuring cost


Interest paid




Net cash (used in)/generated from operating activities




Investing activities





Interest received


Purchases of property, plant and equipment

Proceeds on disposal of property, plant and equipment

Proceeds on disposal of trade

Acquisition of trade and assets of business


Net cash used in investing activities


 

 

 

Financing activities

Dividends paid   

9

Net increase in borrowings

Issue of shares


Net cash generated from/(used in) financing activities



Net (decrease)/increase in cash and cash equivalents


Cash and cash equivalents at beginning of period


Cash and cash equivalents at end of period

9,496

14,118

9,608


 



Unaudited notes to the condensed interim financial statements

 

For the 6 months ended 30 June 2017

 

Note 1 Basis of preparation

 

The interim financial statements of the group for the six months ended 30 June 2017, which are unaudited, have been prepared in accordance with the International Financial Reporting Standards ('IFRS') accounting policies adopted by the group and set out in the annual report and accounts for the year ended 31 December 2016.  The group does not anticipate any change in these accounting policies for the year ended 31 December 2017. As permitted, this interim report has been prepared in accordance with the AIM rules but not in accordance with IAS 34 "Interim financial reporting". While the financial figures included in this preliminary interim earnings announcement have been computed in accordance with IFRSs applicable to interim periods, this announcement does not contain sufficient information to constitute an interim financial report as that term is defined in IFRSs.

The financial information contained in the interim report also does not constitute statutory accounts for the purposes of section 434 of the Companies Act 2006. The financial information for the year ended 31 December 2016 is based on the statutory accounts for the year ended 31 December 2016. The auditors reported on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

After conducting a further review of the group's forecasts of earnings and cash over the next twelve months and after making appropriate enquiries as considered necessary, the directors have a reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half yearly condensed financial statements.

 

 



 

Note 2 Segmental Reporting

 

2017

Revenue

 

Pawnbroking

£'000

Gold

Purchasing

£'000

Retail

£'000

Pawnbroking Scrap

£'000

Personal

Loans

£'000

Other

Services

£'000

Consolidated

for the 6 months ended

30 June 2017

Unaudited

£'000

External sales

 

14,708

 

8,241

 

15,254

5,940

2,184

2,725

49,052


 

 

 

 

 

 

 

Total revenue

14,708

8,241

15,254

5,940

2,184

2,725

49,052


 

 

 

 

 

 

 

Segment result - gross profit

14,708

 

1,820

 

5,928

1,158

2,184

2,725

28,523


 

 

 

 

 

 

 

Other direct expenses




(16,181)

Administrative expenses




(6,052)






Operating profit




6,290

Investment revenues




-

Finance costs




(261)






Profit before taxation




6,029

Tax charge on profit




(1,274)






Profit for the financial year and total comprehensive income




4,755

 

 

 

 

 








2016

Revenue

 

Pawnbroking

£'000

Gold

Purchasing

£'000

Retail

£'000

Pawnbroking Scrap

£'000

Personal

Loans

£'000

Other

Services

£'000

Consolidated

for the 6 months ended

30 June 2016

Unaudited

£'000

External sales

 

14,130

 

5,599

 

13,555

4,898

1,481

2,722

42,385


 

 

 

 

 

 

 

Total revenue

14,130

5,599

13,555

4,898

1,481

2,722

42,385


 

 

 

 

 

 

 

Segment result - gross profit

14,130

 

1,471

 

4,820

569

1,481

2,722

25,193


 

 

 

 

 

 

 

Other direct expenses




(15,841)

Administrative expenses




(5,398)






Operating profit




3,954

Investment revenues




-

Finance costs




(208)






Profit before taxation




3,746

Tax charge on profit




(857)






Profit for the financial year and total comprehensive income




2,889

 

 

 

 



 

Note 2 Segmental Reporting (continued)

 

2016

Revenue

 

Pawnbroking

£'000

Gold

Purchasing

£'000

Retail

£'000

Pawnbroking Scrap

£'000

Personal

Loans

£'000

Other

Services

£'000

Consolidated

For the year

ended 2016

Audited

£'000

External sales

 

28,384

 

15,021

 

30,549

11,136

3,499

5,634

94,223


 

 

 

 

 

 

 

Total revenue

28,384

15,021

30,549

11,136

3,499

5,634

94,223


 

 

 

 

 

 

 

Segment result - gross profit

28,384

 

3,941

 

11,228

2,084

3,499

5,634

54,770


 

 

 

 

 

 

 

Other direct expenses




(32,247)

Administrative expenses




(12,325)






Operating profit




10,198

Investment revenues




1

Finance costs




(479)






Profit before taxation




9,720

Tax charge on profit




(2,138)






Profit for the financial year and total comprehensive income




7,582

 

 

 

 

Note 3 Operating profit and EBITDA

EBITDA

 

The Board consider EBITDA to be a key performance measure as the Group borrowing facility includes a number of loan covenants based on it.

 

EBITDA is defined as Earnings Before Interest, Taxation, Depreciation and Amortisation. It is calculated by adding back depreciation and amortisation to the operating profit as follows:

 

6 months ended 30 June 2017

Unaudited

6 months ended

 30 June

 2017

Unaudited

6 months ended

 30 June

 2016

Unaudited

12 months ended

 31 December 2016

Audited


 

Total

 

Total

 

Total


£'000

£'000

£'000





Operating profit

6,290

3,954

10,198

Depreciation and amortisation

1,332

1,552

2,940


 

 

 

EBITDA

7,622

5,506

13,138


 

 

 

 

 

 



 

Unaudited notes to the condensed interim financial statements (continued)

 

For the 6 months ended 30 June 2017

 

Note 4 Borrowings

 


6 months

ended

 30 June
2017

6 months

ended

 30 June
2016

12 months

ended

 31 December

 2016


Unaudited

Unaudited

Audited


£'000

£'000

£'000









Long term portion of bank loan

21,000

21,000

15,000

Unamortised issue costs

(238)

(333)

(285)





Amount due for settlement after more than one year

20,762

20,667

14,715









 

Note 5 Finance costs


6 months

ended

 30 June

 2017

6 months

ended

 30 June

 2016

12 months

ended

 31 December

 2016


Unaudited

Unaudited

Audited


£'000

£'000

£'000





Interest payable on bank loans and overdraft

213

126

348

Other interest

1

-

1

Amortisation of debt issue costs

47

82

130


 

 

 

Total finance costs

261

208

479


 

 

 

 

 



Unaudited notes to the condensed interim financial statements (continued)

 

For the 6 months ended 30 June 2017

 

Note 6 Tax on profit

 

The taxation charge for the 6 months ended 30 June 2017 has been calculated by reference to the expected effective corporation tax and deferred tax rates for the full financial year to end on 31 December 2017. The underlying effective full year tax charge is estimated to be 19.26% (six months ended 30 June 2016: 20%).

 

 

Note 7 Earnings per share

Basic earnings per share is calculated by dividing the profit for the period attributable to equity shareholders by the weighted average number of ordinary shares in issue during the period.

 

For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares.  With respect to the group these represent share options granted to employees where the exercise price is less than the average market price of the company's ordinary shares during the period.

 

Reconciliations of the earnings per ordinary share and weighted average number of shares used in the calculations are set out below:

 


Unaudited

Unaudited

Audited


6 months ended 30 June 2017

6 months ended 30 June 2016

12 months ended 31 December 2016


                                                              

                                                                   

                                                                  


Earnings

£'000

Weighted average number of shares

Per-share amount pence

Earnings

£'000

Weighted average number of shares

Per-share amount pence

Earnings

£'000

Weighted average number of shares

Per-share amount pence











Earnings per share -

basic

4,755

36,383,440

13.07

2,889

36,154,799

7.99

7,582

36,212,688

20.94











Effect of dilutive securities










Options

-

83,299

(0.03)

-

74,159

(0.02)

-

101,947

(0.06)


 

 

 

 

 

 

 

 

 

Earnings per share diluted

4,755

36,466,739

13.04

2,889

36,228,958

7.97

7,582

36,314,635

20.88


 

 

 

 

 

 

 

 

 



Unaudited notes to the condensed interim financial statements (continued)

 

For the 6 months ended 30 June 2017

 

Note 8 Share capital

 

 


At

 30 June 2017

At

30 June 2016

At

31 December 2016


Unaudited

Unaudited

Audited

Allotted, called up and fully paid

(Ordinary Shares of £0.05 each)




£'000 Sterling

1,860

1,843

1,852


 

 

 

Number

37,199,944

36,856,264

37,043,487


 

 

 

 

 

Note 9 Dividends

 

On 10 August 2017, the directors approved a 4.3 pence interim dividend (30 June 2016: 3.9 pence) which equates to a dividend payment of £1,600,000 (30 June 2016: £1,440,000). The dividend will be paid on 6 October 2017 to shareholders on the share register at the close of business on 8 September 2017 and has not been provided for in the 2017 interim results. The shares will be marked ex-dividend on 7 September 2017.

 

On 4 May 2017, the shareholders approved the payment of a 5.3 pence final dividend for 2016 which equates to a dividend payment of £1,927,000 (2015: £1,666,000). The dividend was paid on 2 June 2017.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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