Horizon Energy shares split

Chairman Colin Holmes says the split should improve the sales of Horizon shares which have been trading between $13.30 and $14.

The share split comes on the back of a $7.4 million after tax profit for the year ending in March. The result was inflated by a $2 million reversal of provisions from disputes with Todd Energy and Transpower.

Holmes says he expects profits to return to normal which is around $4.5 to $5 million per year.

Horizon is paying out a fully imputed dividend of 75 cents per share on June 20. That brings total dividends for the year to $1.30 which is 87.7% of after its tax profit.

Shares remained unchanged at $13.60 with no shares trading.

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