The mood music from John Wood Group on its dividend remains bullish even as it warns of the likelihood of tough trading conditions continuing.
A second successive 10 per cent increase in the payment, to 33 cents for 2016, is not to be sniffed at especially during a time when revenue and profit have plunged.
However, the days of double-digit percentage rises appear to be gone for the time being.
Having committed to that level of increase in 2014 the company has now amended its promise to “pursue a progressive dividend policy going forward, taking into account cashflows and earnings”.
Robin Watson, chief executive, said the change was the result of regular and lengthy internal discussions. Mr Watson said after two years of declining revenue