4/10/2013 10:52:09 AM
Daisy Group prepares dividend after growing cash pile
Daisy Group is to pay a maiden dividend to investors after predicting an encouraging end to its latest financial year.
The distributor said sales and profits are expected to hit its targets for the year ending 31 March. It added that it had been boosted by strong cash generation during the past 12 months, which will reduce its debt. The company said it will pay a dividend of 4.0p per ordinary share when it reports its results on 18 June. For its next two financial years, it will grow the dividend by 15%.
CEO Matthew Riley said: 'Though trading trends have continued as highlighted at the interim results, we are pleased to report this is balanced with improved revenue mix, product diversification and strong cash flow generation.
'Our recently announced new £200m banking facility enables us to continue to review acquisition opportunities alongside the implementation of the progressive dividend policy we have announced today.'
Author: Graeme Neill