Coronation interim results March 2019
Revenue for the interim period decreased 22% to R1.632 billion (2018: R2.079 billion), results from operating activities fell 27% to R752 million (2018: R1.025 billion), profit attributable to equity holders of the company dropped 26% to R578 million (2018: R782 million), while headline earnings per share weakened 26% to 165.1 cents per share (2018: 223.4 cents per share).
Coronation continues to reward shareholders through regular and significant distributions of free cash flow generated. Coronation endeavours to distribute at least 75% of after-tax cash profit. After assessing any projected future cash requirements, a gross dividend of 165.0 cents per share has been declared for the interim period ended 31 March 2019 from income reserves, resulting in a net dividend of 132.0 cents per share for shareholders subject to Dividends Tax (DT).
We believe we are well placed to capitalise on the new systems and administration infrastructure, which allows us to continue improving on our levels of service to clients.
Should current market levels hold, we expect an improvement in our results for the second half of the current financial year.
Notwithstanding the uncertainties that abound, our objective remains to build diversified portfolios that can absorb unanticipated shocks. We will remain focused on valuation and will seek to take advantage of attractive opportunities that the market may present to us and in so doing generate long-term value for all our stakeholders.