Resilient Pendal delivers reduced dividend
Investment house Pendal will reward its shareholders with an interim dividend, but at levels much lower than previous years as a result of the uncertainties surrounding the COVID-19 pandemic.
Releasing its half-year results to the Australian Securities Exchange (ASX) today, Pendal reported a 21% decline in statutory net profit after tax to $58.4 million, but a 2% increase in cash net profit after tax to $86.6 million.
The company said it was delivering on a dividend, albeit a reduced one, because it recognised the importance of dividends to shareholders. The dividend was 15 cents per share.
“Pendal stress-tested its business against a range of financial scenarios, and while the board is confident in the company’s ability to weather the impacts of the COVID-19 pandemic, it believes it is prudent and sensible to reduce the interim dividend,” it said.
In a letter to shareholders, Pendal chair, James Evans attributed the company’s relative resilience in the face of difficult markets to its diversification.
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