WITH ITS ANNUAL GENERAL MEETING (AGM) around the corner, Cave Shepherd & Company Limited is reporting an increased profit.
In 2014, the long-standing Barbadian entity earned $3.1 million in net income, but by the time its financial year ended last December 31, this had increased to $3.8 million.
The performance will be discussed by shareholders when the Cave Shepherd AGM is held on April 21 at the Lloyd Erskine Sandiford Centre.
However, in their directors report published in the group’s annual report, Cave Shepherd chairman Geoffrey Cave and chief executive officer John Williams were “pleased” about the 2015 performance.
“The improved profit was driven by better results in most of our operating companies offset somewhat by losses suffered on the decline of our international investment portfolio reflecting the decline in global stock markets which occurred in 2015,” they said.
“The group maintained its dividend in 2015, paying a total of [12 cents] per share. We will continue to review our dividend level with the intention of increasing the dividend in line with sustained improvements in profitability.”
The officials added: “Our balance sheet remains in good shape with working capital at the end of 2015 standing at $76.6 million compared to $73.6 million in 2014. Our cash and liquid assets excluding those attributable to Fortress Pension Fund clients totalled $30.8 million demonstrating our continued strong liquidity position. Our gearing, reflecting our ratio of debt to equity, remains at very conservative levels.”
While happy with the improved profits, Cave and Williams said they were aware that the company was “not yet at acceptable levels of performance”.
“However, we are comfortable that our underlying businesses are trending to deliver further improved results to our shareholders going forward,” they added.
“We continue to pursue expansion and growth opportunities both in our existing and new businesses. It is our belief that a blend of growth in our core businesses as well as the pursuit of new opportunities will position us for the levels of consistent performance that will best serve our shareholders.” (SC)
