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Daisy Group to pay dividend after positive financial results

Paul Withers
April 10, 2013

Investors will receive 4p per ordinary share when company’s full year results are published on June 18, which are expected to be ahead of market expectations

Daisy Group will pay a maiden dividend to investors following positive financial results for the year ended March 31.

The firm said it intends to pay 4p per ordinary share at its preliminary results, to be published on June 18. For the following two full years, it said it is committed to growing the dividend and expects the dividend per share to grow by 15 per cent per annum in each of these years.

The move comes after Daisy conformed that revenues and adjusted EBITDA for the most recent 12 month period are expected to be in line with market expectations.

It added that free cash flow performance has been strong and is expected to be materially ahead of current markt expectations. As a result, net debt will be at the low end of the current market range.

Daisy Group CEO Matthew Riley (pictured) said: “Though trading trends have continued as highlighted at the interim results, we are pleased to report this is balanced with improved revenue mix, product diversification and strong cash flow generation.

“Our recently announced new £200m banking facility enables us to continue to review acquisition opportunities alongside the implementation of the progressive dividend policy we have announced today.”

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