Tribal Group plc - Half year results 2009

Highlights < Chief executive’s statement Financial statements
Notes to the condensed consolidated financial
information for the six months to 30 June 2009
10 Dividends
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2009 2008 2008
£’000 £’000 £’000
Amounts recognised as distributions to equity holders in the period:
Interim dividend for the nine months ended 31 December 2007 of 1.15 pence per share – 966 966
Final dividend for the nine months ended 31 December 2007 of 1.8 pence per share – 1,511 1,511
Interim dividend for the year ended 31 December 2008 of 1.7 pence per share – – 1,480
Final dividend for the year ended 31 December 2008 of 2.65 pence per share 2,384 – –
2,384 2,477 3,957
The Board has declared an interim dividend of 1.85 pence per share (2008: 1.7 pence per share), which will absorb £1.7m (2008:
£1.5m).
The interim dividend was approved by the Board on 18 August 2009 and has not been included as a liability as at 30 June 2009.
The dividend is payable on 23 October 2009 to ordinary shareholders who are on the register on 25 September 2009. The shares
will be quoted ex-dividend on 23 September 2009.
11 Goodwill
£’000
Cost
At 31 December 2008 260,896
Additions 6,007
Revision to prior periods (298)
At 30 June 2009 266,605
Accumulated impairment losses
At 31 December 2008 and 30 June 2009 51,131
Net book value
At 30 June 2009 215,474
At 31 December 2008 209,765
Additions to goodwill during the period relates primarily to the acquisition of Newchurch.
The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired.
We have seen softer market conditions in our communications business (as described in the chief executive’s statement).
As a result we have reassessed this business for impairment. This assessment indicates that based on our current forecasts
no impairment to the £19.2m of carrying value is required. However, the headroom is such that if the economic environment
surrounding this sector continues to decline throughout 2009 and management’s forecast profit outturn is down by over 20%
or 7% in 2010, there may be a requirement to impair goodwill. Management will conduct regular reviews to monitor this.
19 Tribal Group plc Half year results for the six months ended 30 June 2009