Bradken: Interim result 2015

Bradken's results were greeted grimly but the numbers weren't that bad. Dividends, not profits, drove the reaction.

Bradken withholds dividends’, screamed one headline in the business press. Industry conditions are bleak and getting bleaker; revenue, profits and cash flow all sunk; yet Bradken’s greatest sin – and the reason its share price fell 20% following its interim result – was the culling of its long-standing dividend.


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