Nice end of year report... Interest cover has increased further to 6.8x and gearing reduced to 17.3% which is historically low.
What this means in the short to medium term is that we can expect one of two things to occur;
- An uptick on the purchasing of land and/or property
- An increase in the dividend short term, which is what we have seen (ordinary of 18.11c + 1.56c special)
This suggests that land valuations are still high, this is shown well on pg16 of the presentation, as the yields are comparably low... In any case another good report and its nice having a kicker to the dividend, longer term I'd prefer they keep the powder dry and by more property when the yields are more favourable.
Nice end of year report... Interest cover has increased further...
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