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Arbuthnot Banking Group PLC

18 October 2016

Hardman Research: Big special dividend, accelerated investment

Big special dividend, accelerated investment: In its recent trading statement Arbuthnot Banking Group (ABG) advised it would make a special dividend of 300p per share (cost GBP45m) in Q416 against our forecast 150p. Additionally, it has accelerated its expansion into commercial banking and expects to hire six additional experienced staff early in 2017 as well as opening a Manchester office. It also advised that Q316 drawdowns had been a little slower than expected. The overall effect is to see a reduction in 2016/2017 earnings estimates, primarily from higher investment costs, while 2018 is broadly unchanged with the new staff starting to deliver greater business growth.

Please click here for the full report:

http://hardmanandco.com/docs/default-source/company-docs/arbuthnot-banking-group-plc-documents/17.10.16-big-special-dividend-accelerated-investment.pdf

 
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October 18, 2016 04:37 ET (08:37 GMT)

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