Olives pays dividend

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The Independent Online
Olives Property, the paper making and property development group, announced a final dividend of 0.30 net per share for the year ended 31 December 1994. Profit before tax amounted to £623,111 for the same period. The move follows a period without dividends since June 1992.

Anthony Grant, chairman of Olives Property, said:"Tight control of costs has been maintained, enabling us to build up a core source of profits based on recurring net rental income."

Thegroup's finances were transformed by a £10.3m rights offer in April. At the end of 1994 shareholder's funds stood at £18.7m, compared with £5.5m in 1993.

Property assets also jumped,from £9.90m at the end of 1993 to £26.48m at 31 December 1994. Annualised gross rental income was up by 201 per cent during the period, to £2.33m.