Workforce-management company Adcorp says it will resume dividend payments after returning to profits in the year to end-February. The group, which is under new management and that last paid a final dividend in 2016, said on Monday it will pay shareholders 96.1c per share for the year. It plans to target a dividend cover ratio of 1.5-times, “but this will be confirmed at the interim results for the 2020 financial year”. Adcorp said it made a net profit after tax of R262.1m in the year to end-February, versus a loss of R561m the previous year. “This reflects the early successes resulting from the implementation of a turnaround strategy aimed at achieving a sustainably lean and agile business, defining and focusing on our core, strengthening our brand and transforming our culture,” CEO Innocent Dutiro said. “This positions the group favourably for growth over the next three years and investment opportunities that will enable the group to extend the scope of the business,” Dutiro said. ...

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