Announcement
GENERAL: TRA: Turners continues to deliver strong dividends
09:00am
TRA
23/09/2019 09:00
GENERAL
PRICE SENSITIVE
REL: 0900 HRS Turners Automotive Group Limited
GENERAL: TRA: Turners continues to deliver strong dividends
Company Announcement
23 September 2019
Turners continues to deliver strong dividends with Q1 interim dividend of
four cents per share
The Board of Turners Automotive Group Limited (NZX: TRA) has declared the
first quarterly dividend for
FY20 of 4 cents per share, fully imputed, with a record date of 15 October
2019 and a payment date of 22 October 2019. In addition, the Board advises
that it expects full year dividends to be at a level not less than FY19 (17.0
cps fully imputed).
Chairman Grant Baker said: "We are very confident in the growth strategy we
have recently laid out and are already executing. This will be the seventh
year of solid dividends, under scoring our reputation and track record on
delivering an attractive yield for investors. We believe paying a dividend at
the levels achieved in FY19 is sustainable based on our recent trading
performance and our outlook for the business."
The dividend pay-out policy was increased to 60% to 70% of Net Profit after
tax to shareholders in May 2019, reflecting the board's confidence in the
sustainability of earnings.
Turners CEO, Todd Hunter, said: "Turners continues to deliver strong profits
and ranks in the top 10 NZX companies for gross dividend yield. Based on a
share price of $2.60 the dividend yield is in excess of 9% reflecting great
value for yield and growth investors particularly against the backdrop of an
increasingly low yield environment. 1Q trading conditions were robust and all
business divisions tracking ahead of budget and ahead of FY19 at end of Q1."
Ends
End CA:00341363 For:TRA Type:GENERAL Time:2019-09-23 09:00:13
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