Higher dividend likely from Horizon

Horizon, which was formerly Bay of Plenty Electricity, says its dividend policy has been to pay between 50 and 70% of after tax net profit as dividends.

The company says during the current year the board will review this policy, bearing in mind the very predictable revenue stream of a line company and the unlikely need to accumulate cash reserves or gearing potential for expansion.

However it says it is unlikely a decision to increase the dividend policy will be taken before the stability of a joint venture with Eastland has been established.

The company says the current year's results will be impacted by some setup and restructuring costs for the joint venture but the company is forecasting a net profit after tax of at least $4 million.

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