annual net profit up 43pc dividend 2c

Mermaid Marine Australia Ltd (ASX:MRM) lifted net profit 43pc to $17.9m
in the June 30 year from $12.51m for 2007.
Revenues rose 45pc to $149.36m from $103.12m.
Basic earnings per share were 11.82c, up from 8.91c.
Annual dividend has been doubled to 2c, fully franked, payable
on October 8 to shareholders registered September 24.
The company has a dividend reinvestment plan in place, with a
2.5pc discount.

*****

Chairman Mr Tony Howarth said: "The board is extremely pleased
that the company's growing maturity and capability has enabled us to
exceed the aggressive growth targets we set for FY08.
"While the global economy is under significantly more pressure
than it was a year ago, MMA's exposure to the offshore oil and gas
industry gives the Board confidence that the company can deliver ongoing
growth in shareholder returns.
"In view of this, the board has declared a fully franked
dividend of 2c per share, up from 1c per share in the previous
corresponding period.
"Furthermore the board has resolved to implement a new dividend
policy. Commencing in the 2009 financial year, MMA will pay an interim
and final dividend reflecting a payout ratio of between 40pc and 50pc.
"The new dividend policy is designed to take into account the
ongoing capital requirements of the company while at the same time
transferring valuable franking credits to our shareholders."