RE: Over reaction6 Dec 2017 23:35
Growth in underlying profits is expected to be between 1% and 2% for the year to the end of January
Despite the downgrades, Saga said there was no change to its dividend policy and that this year's pay-out was set to be in line with expectations. It's already confirmed a 3p interim payout and UBS currently expects 8.93p per share for the full-year, implying a final dividend of almost 6p.
Chief executive Lance Batchelor said actions being taken now would result in a better quality of earnings and help support a progressive dividend policy for shareholders.
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Profits this year are still expected to GROW by 1-2%
No change in dividend policy so now yielding 6.3%
'Progressive dividend' policy