8 November 2012 – interim results
Figures for the six months ended 30 September 2012 were solid given the trading environment. Adjusted earnings per share were 3.4c (2011: 3.8c) on revenue which was down 1% but up 1% on a constant currency basis. An interim dividend of 1.33c has been declared, with guidance of a payout of twice this amount at the final stage, taking the total to 4.0c for the year. This translates into a yield of approximately 6.6%, which should offer support. We maintain our BUY rating.