Brent shares hit by slice in dividend
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.A DIVIDEND cut yesterday took shares in Brent International, the speciality chemicals group, down 15.5p to 105p, writes Diane Coyle. The group has reduced the 1993 payout to 4p from 7.4p the previous year. Pre-tax profits fell from pounds 7.8m to pounds 3.2m on almost static turnover and earnings per share tumbled from 100p to 3.2p.
Keith Hutchings, chief executive since August, said: 'We will move to bring dividends back up in line with group profitability.'
Disposals brought profits of pounds 7m but a restructuring cost pounds 3.9m, including management changes and about 100 redundancies. Mr Hutchings said the process was almost complete.
Brent has sold its electronics businesses and streamlined into two core divisions - industrial and printing services. Trading conditions for both had been difficult. Continental Europe, which accounts for two-fifths of sales, is still 'bumping along', but North America and the UK may be reviving.
Jeremy Chantry, an analyst at Kleinwort Benson, said: 'Brent has put in place a lot of changes that should bear fruit, but the dividend is disappointing.'
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments