Nobody disagrees with that, but the subsidy criteria were based on expected revenue.
Printable View
And another dividend has bit the dust
The Warehouse Group FY20 Unaudited Result and Dividend
8/10/2020, 1:28 pmMKTUPDTE8 October 2020
The Warehouse Group FY20 Unaudited Result and Decision on Final Dividend
The Warehouse Group Limited (“the Group”) today announced its preliminary unaudited result for year ended 2 August 2020.
The Group delivered sales of $3.2 billion, up 3.3% on FY19 or 1.5% when adjusting for FY20 being a 53 week year, compared to 52 weeks in FY19. Group sales in the second half of FY20 were $1.5 billion, up 4.1% on FY19 but flat when adjusting for FY20 being a 53 week year.
The Group full year Reported NPAT was $44.5 million, down 32% on FY19. The Group Reported NPAT includes $67.8 million received in wage subsidies. If Reported NPAT is adjusted to exclude the wage subsidy, the Group would have a made a loss of $4.3 million.
Given the loss prior to the wage subsidy, as well as the continued uncertainty around economic activity and trading outlook, the Group Directors have decided not to pay a dividend for FY20. Subject to trading over the critical Q2 period and any further alert level restrictions and adverse economic impacts of COVID-19, the Group hopes to return to paying dividends in line with its Dividend Policy for FY21.
The Group ended the 2020 financial year with a net cash position of $168.1 million, as a result of strong working capital management and robust trading conditions following the first seven week COVID-19 lock-down period. As the Group returns towards a more normal level of working capital, the net cash balance has reduced to approximately $80 million.
Adjusted NPAT was $80.7 million, including adjustments for unusual items of $36.3 million (after tax), up 9.0% on last year.
The Group’s audited result for the full year ended 2 August 2020 will be released on Thursday 15 October.
ENDS
Bugger no divie for a while
They got to pay out the $68m wage subsidy to shareholders sometime .....otherwise they not playing the game eh
Given that WHS is being used as a political whipping boy over the wage subsidy, the absence of of a dividend is no surprise - in fact I would have been very surprised if they had paid one.
Need to see the full accounts but I do like the net cash position in the current environment.
Ouch !!! Profit slashed, dividend wiped.. what will the contenders for PM and the know it all NM say now?
Was profit $44.5m or $80.7m or the $4.3m loss
The only thing that’s not confusing is dividend is ZILCH
Do the right thing and the market don't like it
Do the wrong thing and the market don't like it
Can't win either way