Briscoe Group (NZX:BGP) Announced Special Fully Imputed Dividend Of 6 Cents

The directors of Briscoe Group Limited (NZX:BGP) announced that they would pay its shareholders a special fully imputed dividend of 6 cents per share. The dividend would be provided in NZ dollars.

Incorporated in New Zealand and registered in Australia, Briscoe Group Limited is a holding company for retail stores Briscoes Homeware, Living & Giving and Rebel Sport. The stores are placed throughout NZ.

The dividend/distribution would be provided by 20 January next year, with the share register closing to ascertain entitlements to the dividend at 5 pm on 24 December this year. Further, there would be special dividend payment which comprises of supplementary payment to overseas shareholders of NZ$0.010588 per share.

Briscoe Group Limited’s half-yearly performance:

For the half-year ended 26 July 2020, the Group achieved a remarkable turnaround in performance during Q1 and Q2 of FY2020. The sales in Q1 declined 35.58% as compared to the previous corresponding period (pcp). In Q2 2020, the sales bounced back and improved by 28.24% on an equivalent basis.

  • Throughout 1H 2020, sales in homeware segment dropped by 3.74% and sporting goods by 3.07%.
  • Online business experienced extraordinary growth during the nationwide lockdown in March. The traffic improved by 99.85% on pcp.

Financial Highlights:

  • Revenue from continuing operations dropped 3.5% to NZ$292.407 million.
  • Net profit slipped by 1.3% to NZ$27.979 million.

Q3 Highlights (the period between 27 July 2020 – 25 October 2020):

During the third quarter, there was significant growth in sales. The sales growth in Q2 2020 continued in Q3 2020. Despite trading interruptions due to COVID-19, the Group bounced back to deliver consecutive quarterly double-digit sales growth. Let us take a quick look:

  • Total Group sales during the period was NZ$161.3 million, up 14.97% on pcp.
  • Homeware sales grew up by 12.28%.
  • Sporting goods sales growth was 19.48%.
  • Online sales mix of total Group sales was 16.3%.

What Management says on Dividend Payment?

Group Managing Director, Rod Duke highlighted that trading remains strong as the Company approaches its final quarter of 2020. The Company made record sales during Black Friday promotions. He believes that the present trading momentum would help the Company to deliver full-year results more than NZ$62.6 million.

At the time of writing this report, on 11 December, BGP shares were trading at NZ$4.85, up 5.9%.              

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