* Statutory net profit after tax of $116.0m, up $64.4m from the pcp
* Underlying profit after tax of $57.7m, up $16.5m from the pcp
* Underlying EBIT of $70.4m, up $14.3m from the pcp
* Underlying return on capital of 26.8%
* Operating cash flow $81.6m for the year
* Cancellation of all Hybrids resulting in a simplified capital structure
* Fully franked final dividend of 7.5 cents per share, plus fully franked special dividend of 7.5 cents per share
Elders Limited (ASX:ELD) today released its full year results for the 12 months to 30 September 2017, delivering improved underlying profit and above target return on capital, both in excess of the Eight Point Plan FY17 target. Elders also announced a fully franked final dividend of 7.5 cents per share, plus a fully franked special dividend of 7.5 cents per share, equating to total dividends of 15 cents per share.
Statutory net profit after tax of $116.0 million compares with a $51.6 million profit in the previous year, resulting from strong underlying profits and the non-cash impairment reversal of the Elders brand name. Underlying net profit after tax has improved $16.5 million on the prior corresponding period to $57.7
A $14.3 million improvement at the underlying earnings before interest and tax (EBIT) level, to $70.4 million, was due to improved profitability across the product range and strategic acquisitions.
Elders’ chief executive officer Mark Allison said the FY17 results and dividends reflect a milestone in the Company’s progress under the direction of the Eight Point Plan.
“As we move out of the first three years of the Eight Point Plan and reset to lead into the next growth phase, it is evident that the business is committed to our strategic priorities and a resolve to realise our objective of continuous, solid, high quality growth which underpinned the company’s achievements in FY17,” Mr Allison said.
“It is pleasing that we have been able to declare a final and special dividend, which are Elders’ first shareholder dividends since 2008.”
“Balanced growth was achieved across the portfolio, with the Retail business posting a $7.8 million increase in margin due to normalised summer cropping conditions and geographical expansion,” he said.
Elders enhanced its Retail capability with the acquisition of Ace Ohlsson, a New South Wales based horticultural operation.
“Cattle and sheep prices remained strong, which combined with the benefit from f...
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