Superdry announces special dividend

Clothing manufacturer Superdry (LON:SDRY) has reported that group revenues climbed by 16% to £872 million for the year ended 28th April, with the improvement being driven by strong growth in wholesale and online channels. Despite this, statutory profits before tax dropped by 23% to £65.3 million due to impairments on a Berlin store and the movement of forward exchange contracts. Guidance for the current financial year has been left unchanged.

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Strong cash generation has led the board to propose the payment of a special dividend of 25p on top of an 11.4% improvement in the full year dividend. Chief Executive Euan Sutherland said the move demonstrated their faith in the business, stating: “Whilst the consumer environment continues to be challenging, the Board remain confident that Superdry is a uniquely advantaged, highly cash-generative business that will continue to deliver sustainable growth for our investors“. Shares in the business climbed 7.87% to 1,261p (as at 11:45 BST).