Ann: Half Yearly Report and Accounts, page-3

Travel

I haven't looked at the half year results yet, but I think your comments about ARB's track record of special dividends is a very important one. It is an example of ARB's shareholder friendliness. Not so much because they are increasing the dividend, per say, but because it demonstrates their willingness to return capital to shareholders when they have no compelling use for it. As you know, ARB has always looked expensive based on usual metrics, such as PE, and dividend yield (as long as I can remember anyway). But if you look back at the historical dividend yields achieved, after including special dividends, they really have not been that expensive at all.

The benefits of a supremely strong brand, and a prudent/steady/committed/owner management, are well and truly on display here.

Cheers, Mars