You’re quite correct in you're analysis and conclusions. What I note, in addition, is the company has retained a lot of profits and cash balances have built up and the business has very low gearing. Gives them a lot of flexibility in these uncertain times.
They could easily reverse the trend in ROE and bump it up a few notches simply by paying out a special dividend, but at the moment I’m not a supporter of this as a 20% ROE on a quality business like this in the current market is a rarity.
Ann: Half Yearly Report and Accounts, page-3
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