Following on from my previous post regarding the uncertainty of Imperial
Tobacco's dividend policy due to the reduction of profit in their last
financial year it appears there is a logical and perfectly good explanation or
this.
They felt during the last financial year that the goodwill in Spain
was overstated and as a result wrote it down by £1.3bn as a result this reduced
their assets and the profit. So whilst the dividend cover has been hit severely
it could be deemed for being a manipulation of the figures - albeit
negative.
It will be interesting to see what the half year results give
shortly with regard to the profit and whether they stick with the progressive
dividend policy and dividend growth.
No comments:
Post a Comment