Annual Report9 Oct 2014 19:22
Have just been ploughing through the annual report which is anodyne and suitable inscrutable, It seems to say they are now a financial holding company on the face of it with an enormous increase in profit enhanced by bar charts. There is almost no mention of 2014 dividend except to say that the special one in the autumn of last year was in respect of the 2013 accounts. On page 33 they say"The dividend policy adopted since April2011 has been a pay out ratio of appropriately (odd word) 20% of net post tax profits attributable to shareholders. They go on to say that they have decided not to recommend any further dividend for the 15 month period ended 31 March 2014, having already paid out in excess of 20% of earnings for this Reporting Period". Make of this what you will.