Solid cash flows and continued strong land sales have allowed publicly listed developer Port Bouvard to make an early return to shareholders.
Shareholders, in the recently ranked top 20 listed Australian company, will receive an interim dividend of seven cents per share fully franked.
The dividend was announced to shareholders at the company’s AGM.
Port Bouvard estate, south of Mandurah in Western Australia, had record sales in the opening four months of the latest financial year ending June 2004.
The interim dividend will have a record date of November 25th 2003 and an expected payment date of December 12th.
“We want to return profits to shareholders as soon as cash flows allow us to do that,” company chairman Michael Perrott told shareholders.
“We are ahead of budget for the new financial year and this has given the directors confidence to make this early return to shareholders.”
Port Bouvard Limited wrote sales contracts of $100 million last financial year – believed to be a record for WA.
Revenue for the full year was $68.1 million up a massive 139%. Profit was $13.3 million up 784% on the previous year.
