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RA International ups dividend even as profit more than halves
StockMarketWire.com
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Remote site services provider RA International said its annual profit more than halved as the pandemic hurt revenue in its construction division.
The company upped its dividend, citing its prospect, though it also warned recent turmoil in northern Mozambique could negatively affect its performance this year.
Pre-tax profit for the year through December dropped to £6.6 million, down from £13.3 million year-on-year, as revenue fell 6.7% to £64.4 million.
RA International declared a full-year dividend of 1.35p, up 8% year-on-year, while touting strong liquidity and growth in its order book.
The company's order book at year end was worth $187 million, up from $141 million year-on-year.
'The last few days have been challenging for everyone connected with RA as we have responded to the hostile activity in Cabo Delgado, Mozambique where RA has been operational for the last few years,' chief executive Soraya Narfeldt said.
'In these circumstances, this is a somewhat complex trading update to provide.'
'On the one hand, we are more confident than ever about the long-term outlook for our business, and this is reflected in the board's decision to increase our recommended dividend payment to 1.35p per share.'
'This confidence needs to be tempered for the current financial year given the prevailing external conditions with the situation in Mozambique uncertain and, more generally, Covid-19 continuing to determine customers' ability to commence new projects.'
At 8:53am: (LON:RAI) RA International Group Plc share price was 0p at 44.5p
Story provided by StockMarketWire.com
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