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FTSE 250 movers: Southern Cross ups divi by 50%

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Date: Monday 12 May 2008

LONDON (ShareCast) - Care home operator Southern Cross said total revenues in the first half of the year rose 28.2% to £431.2m, as demand for its services grow.

"With demand for our services increasing as the UK population ages, we are confident that Southern Cross is well placed to make further progress which is reflected in the re-basing of our interim dividend," said chief executive Bill Colvin.

Adjusted core earnings for the half-year period ended 30 March 2008 rose 41% to £30.8m. Fee increases were higher than company expectations, it said, as the number of beds increased 14% to 37,084.

Its interim dividend has been re-based by 50% to 3.75p, “reflecting the group's confidence in future growth.”

Money lender Cattles is in the doldrums again this week after saying on Friday it is experiencing a lower level of early customer loan redemptions. Although this has no significant impact on profit, it does mean additional cash is consumed.

“The group is achieving higher margins on its new lending volumes and has tightened its lending criteria. Ongoing investment in systems and arrears management infrastructure has ensured arrears and the loan loss ratio have remained stable,” said chief executive David Postings.

“We look forward to the continued successful development of the businesses and view the group's prospects for 2008 with confidence,” he added.

FTSE 250 - Risers
Chloride Group (CHLD) 266.00p +27.88%
Southern Cross Healthcare Group (SCHE) 394.25p +9.06%
DSG International (DSGI) 75.50p +7.09%
Findel (FDL) 293.25p +5.77%
Dana Petroleum (DNX) 1,871.00p +5.11%
Kesa Electricals (KESA) 226.75p +4.73%
Signet Group (SIG) 78.00p +4.70%
Spirax-Sarco Engineering (SPX) 1,148.00p +3.99%
HMV Group (HMV) 146.25p +3.91%
Venture Production (VPC) 825.00p +3.84%

FTSE 250 - Fallers
Cattles (CTT) 215.00p -9.95%
Workspace Group (WKP) 220.75p -3.60%
Dairy Crest Group (DCG) 458.50p -3.01%
Petrofac Ld (PFC) 611.00p -2.94%
Bovis Homes Group (BVS) 474.50p -2.77%
Micro Focus International Plc (MCRO) 255.00p -2.30%
Yell Group (YELL) 191.75p -2.17%
Mitchells & Butlers (MAB) 341.50p -1.94%
Rank Group (RNK) 90.75p -1.89%
Misys (MSY) 168.75p -1.75%

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