Regent cheers City with dividend rise
Tuesday 21 February 1995
The shares added 12p to 319p as the company announced that average turnover in its 44 pubs, based mainly in London and the south-east, was 30 per cent up on a year ago.
This helped drive up pre-tax profits by 85 per cent to £1.89m (£1.02m) in the six months to December 1994, with the interim dividend advancing from 1.75p to 2.25p.
Earnings per share rose 73 per cent to 10.7p. Patrick Moorsom, chairman, said four new sites were being developed, with more acquisitions planned.
Focussing on large, liquor-driven outlets was behind an increase in operating margins at Regent to 20.5 per cent (14.6), Mr Moorsom said.
Regent has continued to cut its smaller pubs, and since the start of the year has sold the leaseholds of four sites for a total of £1.3m. Gearing is around 40 per cent and interest cover is expected to be over six times for the full year.
Mr Moorsom said: "The acquisition programme and the continuous refurbishment and rationalisation of smaller units have further improved the quality of the estate."
He added that the group had pegged borrowings for the next 10 years at a cost of 8.78 per cent plus bank margin of 1.125 per cent.
- 1 Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
- 2 Iain Duncan Smith's expenses credit card is suspended after he runs up £1,000 debt to taxpayer
- 3 German ethics council calls for incest between siblings to be legalised by Government
- 4 French woman dies in freak bungee jumping accident
- 5 Jennifer Garner and Ben Affleck to divorce and end their 10-year marriage
The moment a Queen's Guard soldier lost it and drew his gun at annoying tourist
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
They are neither a 'state' nor 'Islamic': Why we shouldn't call them Isis, Isil or IS
Tunisia beach attack: How can British Muslims respond to the latest outrages?
iJobs Money & Business
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...
£22500 - £27000 per annum + OTE £45K: SThree: Since our inception in 1986, STh...