Consistently rising profits and as having a historically conservative business approach has enabled over 10 years of steadily increasing dividends. Current trends and their desire for future sustainability demand an adjustment now. Therefore they propose to pay a first interim dividend this year of 22p per ordinary share (2019: 34p) to be followed by further payments in March and July next year. This dividend will be paid on the 20 November 2020 to shareholders on the register on the 30 October 2020. This payment represents a sensible balance between prudence in uncertain times and fundamental confidence in the business as the economy returns to a new normal.
Other financial highlights include:
Group revenue: £42.8m - reduced by 3% (Restated H1:2019: £44.2m)
Group period end net receivables: £281.9m - reduced by 6% (31 July 2019: £298.5m)
IFRS 9 forward-looking loan loss provision charges increased by £13.8m to £21.7m (Restated H1:2019: £7.9m)
Profit before tax reflected this increased impairment and reduced to £6.3m (H1:2019: £17.1m)
Earnings per share: 41.9p (H1:2019: 116.5p)
Group funding and gearing correspondingly reduced: £108m borrowing at 31 July 2020 (31 July 2019: £125m) - gearing at 62% at 31 July 2020 (31 July 2019: 74%)
2019 comparative revenue and cost of sales have been restated with no effect on profit
