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BP dividend cut hits Temple Bar

By BFN News | 01:11 PM | Wednesday 28 July, 2010

Temple Bar Investment Trust has revealed that their total return on net assets for the six months ended 30 June 2010 was -6%. This compares to a total return for the FTSE All-Share Index of -6.2%. Post-tax revenue earnings for the half year were £10.2m compared with £11.5m in the equivalent period last year. The Board has declared an unchanged interim dividend of 10.50p payable on 30 September 2010. The decision of the BP board to omit the three remaining quarterly dividends in 2010 has significantly reduced the Company's expected revenue for this year. Temple Bar's substantial revenue reserves provide a significant cushion against short term negative events, such as this. The Board will continue to reassess dividend policy against the development of revenue income over the balance of the year and the emerging outlook, including that for the restoration of the BP dividend. Story provided by