Fairpoint reinstates dividend

Debt advice firm Fairpoint reinstated its dividend payment and said trading in the second half was in line with management expectations.Revenues were some 9% ahead of the first half and 19% ahead of the corresponding period in 2008. Pre-tax profit for the year to 31 December, adjusted for brand amortisation, is expected to be in excess of £6m.A single dividend of 2p per share for the year ended 31 December will be paid as an interim dividend on 30 March. The group said it plans to follow a progressive dividend policy in the future, subject to market conditions.'The business improvements implemented throughout late 2008 and into 2009 are now gathering momentum and this has translated into strong profit growth and a cash generative business,' said chief executive Chris Moat.'I am confident that we are well placed to benefit from a strong and growing market in 2010.'Shares in the group are currently up more than 15%.