News blog
Turbotec Products
- BY: Andrew Hore |
- POSTED: 28/02/2008 |
Turbotec Products has declared a second interim dividend of 2.25p a share.
The heat exchangers and flexible connections manufacturer reported a 59% increase in profits to $2.2m in the nine months to December 2007.
The dividend is equivalent to 4.4 cents a share. A dividend of 1.1p a share has already been paid, taking the total to 3.35p a share, and there is a final dividend to come. New house broker Evolution forecasts a total dividend of 6.2p a share for 2007-08, rising to 6.5p a share the following year. This year’s dividend will be covered 2.5 times by forecast earnings per share.
The share price was steady at 80.5p. It is being held back by a dispute with the company’s majority shareholder over its entitlement to a past dividend.
The shares are trading on little more than five times forecast earnings and the yield is 7.7%.
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