15 November 2018 – trading update
The company has released a trading update for the period from 1 July to 14 November, as well as declaring its dividend declaration for the third quarter of 2018. This was reassuring and the outlook for the group is said to remain positive. The company continues to reinvest the proceeds from disposals earlier in the year and expects this to be concluded in the coming months. Around £50m of the £65m 5% ICG Longbow Ltd. loan facility has been repaid, with the balance due to be cleared by the end of November using disposals proceeds or through a refinancing. This is expected to result in a lower average cost of debt and an increased weighted average debt term. A dividend of 1.85p per share has been declared for the third quarter, up from 1.80p per share a year earlier. The ex-dividend date will be 22 November. The shares continue to look good value. BUY.