Plexus Holdings announced a maiden interim dividend of 0.3118 pence per share, which will be paid on June 30, 2009 to shareholders on the register on June 26, 2009. The shares will have an ex-dividend date of June 24, 2009.
In view of the steady performance of the Company over the past three years, the Board considers it appropriate to initiate a progressive dividend policy commencing with the payment of this first dividend, having taken into account existing cash flow, capex commitments, and the Company's current prospects. The Board intends, subject to this years trading results, the economic outlook, and the availability of distributable reserves, to recommend a final dividend at the end of the financial year.
The total interim dividend amounts to £250,000.
Plexus CEO Ben van Bilderbeek said, "We are pleased that Plexus has achieved another milestone by initiating the payment of dividends. Furthermore, I believe that it is important for our shareholders to recognise that our proprietary POS-GRIP® rental equipment inventory has a longer economic life than our seven year depreciation policy suggests. As our terms and conditions provide for operators having to repair and replace components damaged beyond normal wear and tear, this policy will help underpin, subject to market conditions, our ability to generate free cash flow and generate resultant dividend yield over the coming years."
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