Invicta final results March 2019
Revenue from continuing operations increased to R10.449 billion (R9.994 billion) and operating profit decreased to R689.9 million (R838.6 million). Profit attributable to owners was higher at R134.6 million (R83.5 million). Furthermore, headline earnings per share from continuing operations increased to 112 cents per share (58 cents per share).
Preference share cash dividend
As announced on SENS on 3 June 2019 the Directors of the Company have declared a gross cash dividend of 617,06943 cents per preference share for the period from Tuesday, 13 November 2018 to Monday, 3 June 2019. Dividends are to be paid out of distributable reserves.
Ordinary share cash dividend
In light of the tax settlement and the resultant higher gearing in the group, the board has resolved not to declare a final dividend. It is anticipated that the normal dividend policy (of a total dividend cover ratio of 3.5 times at interim results adjusted to 2.75 times at year-end) will be resumed once cash flow and gearing permit.
Strategic focus and prospects
Trading conditions have settled since the elections in May 2019, but they still remain challenging. Management expects the coming year to be more positive than the year under review, but anticipates a slow return to growth. Management will focus on bedding down acquisitions, prioritising cash generation and return on equity.