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RA International Group PLC - Africa and Middle East-focused construction and support services provider - 2020 revenue falls 6.8% to USD64.4 million from USD69.1 million in 2019, while pretax profit drops 50% to USD6.6 million from USD13.3 million. Says these decreases reflect year-on year-growth in IFM and Supply Chain Services revenue, offset by lower construction revenue relating to the deferral of construction projects due to Covid-19.
RA raises its 2020 dividend by 8% to 1.35 pence per share from 1.25p in 2019, due to strengthened sterling over the period.
Looking ahead, RA says it expects the anticipated acceleration in activity during the course of this year will bridge to an "even stronger" performance in 2022. On Monday, it warned of a USD10 million revenue hit due to a wave of jihadist attacks in northern Mozambique where it has operations.
"The last few days have been challenging for everyone connected with RA as we have responded to the hostile activity in Cabo Delgado, Mozambique where RA has been operational for the last few years. On the one hand, we are more confident than ever about the long-term outlook for our business, and this is reflected in the board's decision to increase our recommended dividend payment to 1.35p per share. Our order book and cash profile underpin this confidence and the last 12 months have highlighted the strengths of our business, including notably the value of our longer-term and higher margin IFM contracts," says Chief Executive Soraya Narfeldt.
Current stock price: 45.00p, up 5.9% on Tuesday
Year-to-date change: down 13%
By Zoe Wickens; zoewickens@alliancenews.con
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