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Tolent

  • BY: Andrew Hore |
  • POSTED: 17/04/2009 |

Shares in Tolent lost one-quarter of their value after it decided against paying a final dividend.

The yield was one of the construction group’s main attractions. Net cash is £9.66m but much of that comes from advanced payments for contracts. There was a cash outflow from operations of £3.29m in 2008. An interim dividend of 4p a share was paid and the additional cash outflow from dividends was £1.8m. Tolent paid 15.5p a share in dividends for 2007.

Tolent talks in its statement about rectifying “a technical breach of the Companies Acts in relation to certain interim and final dividends paid in previous years” at its next AGM. That suggests that Tolent may not have had sufficient distributable reserves to pay these dividends.

Revenues dropped from £180m to £153.5m in 2008, while profits declined from £5.54m to £1.3m. .
Management says that the market continues to be difficult. Tolent has started the new year with “a reasonable workload “ and it has cut its costs.

At 37.5p a share, Tolent is valued at £4.81m. Net asset value is £11.5m.

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