Villa World Limited Declares Fully Franked Dividends for the Financial Year Ended 30 June 2018, Payable on September 28, 2018; Provides Dividend Guidance for the First Half and Full Year of Fiscal 2019; Announces Earnings Results for the Year Ended June 30, 2018; Provides Earnings Guidance for the Fiscal Year 2019
August 14, 2018 at 06:32 pm EDT
Share
The Board of Villa World Limited to have declared a total of 18.5 cents per share fully franked dividends in relation to the financial year ended 30 June 2018 - an interim dividend of 8.0 cents per share and a final dividend of 10.5 cents per share declared post balance date. The ex-dividend date for the final dividend is 3 September 2018, the record date is 4 September 2018, and payment will be made on 28 September 2018.
The company Board intends to continue the stated payout policy of 50% to 75% of annual NPAT, paid semi-annually. The Board anticipates paying total dividends of 18.5 cents per share fully franked in fiscal 2019. The first half of 2019 dividend is expected to be 8 cents per share.
The company announced earnings results for the year ended June 30, 2018. The company ended the 2018 financial year with a strong full year result, reporting statutory net profit after tax of $43.6 million or 34.4 cents per share, up 15% on the prior period's result of $37.8 million or 32.5 cents per share. Strong net cash flow from trading activities of $123.6 million combined with headroom in the debt facility enabled the Company to expend $155.5 million on the acquisition of new land and still retain a strong year-end cash and debt position.
The fiscal year 2019 gross margin is expected to be within the range of 24% to 26%. The company expects cash outflow for acquisitions of $40 million to $60 million in fiscal year 2019, inclusive of $7 million in capital lite transactions, with the balance funded from existing debt facilities. The company is targeting a statutory profit after tax of approximately $40 million, assuming general consumer confidence is maintained, interest rates remain low, consumer credit conditions do not deteriorate, and first home buyer grants remain in place.
Villa World Limited is a property developer and housing provider. The Company's principal activities include the development and sale of residential land, and the development, construction and sale of house and land packages. It operates through two segments: Property development and construction - Queensland and New South Wales, and Property development and construction - Victoria. It develops and sells residential land and buildings in Queensland, New South Wales and Victoria. Its portfolio includes approximately 5,940 lots. Its properties in Brisbane include AFFINITY-THORNLANDS, EMINENCE-BRIDGEMAN DOWNS, RIVA-JOYNER, SEASCAPE-REDLAND BAY, THE SANCTUARY-WOODLANDS and WATERLINE-THORNLANDS. Its properties in Gold Coast include ARUNDEL SPRINGS-ARUNDEL, PARKSIDE-COOMERA and SEABRIGHT-JACOBS WELL. Its properties in North Queensland include AUGUSTUS-HERVEY BAY and LITTLE CREEK-GLADSTONE. Its properties in Victoria include CARDINIA VIEWS-PAKENHAM, LAVINIA-GREENVALE and SIENNA-PLUMPTON.
Villa World Limited Declares Fully Franked Dividends for the Financial Year Ended 30 June 2018, Payable on September 28, 2018; Provides Dividend Guidance for the First Half and Full Year of Fiscal 2019; Announces Earnings Results for the Year Ended June 30, 2018; Provides Earnings Guidance for the Fiscal Year 2019