31st Aug 2018 13:21
LONDON (Alliance News) - Murgitroyd Group PLC on Friday hiked its final dividend following a sharp rise in profit in its recently ended financial year.
The property attorneys firm said it expects to report underlying pretax profit for the year to the end of May in line with existing market expectations at GBP4.1 million, up 7.4% compared to GBP3.8 million reported the year before.
As a result, Murgitroyd intends to declare a final dividend of 14.5 pence per share, taking total payout to 21p per share, up 24% from 17p paid the year prior.
However, the company noted that it intends to include an exceptional provision of GBP408,000 in its full-year results, in relation to a single aged-debtor balance. The client continues to pay, does not dispute the debt, and has formally confirmed its intention to settle the balance in full as and when resources permit.
However in view of the quantum of current payments, and the age of the current balance, 80% of which relates to financial years 2016 and earlier, Murgitroyd considers that it is prudent to make full provision at this time.
The company said it will announce annual results on September 11.
Shares in Murgitroyd were trading down 3.4% on Friday afternoon at 662.00p each.
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