A year ago in this column I predicted that AVI was due to pay a special dividend in 2024, if past history was anything to go by. I qualified that prediction with the observation that strong consumer spending would be necessary for a sustained improvement to the share price.

In the event, the company did indeed pay a special dividend and though consumer spending remained subdued, AVI managed to produce knockout earnings for the year to end-June. This performance was unexpected, though the good interim figures to end-December 2023 suggested that earnings growth for the year might be stronger than usual...

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