The property business gearing was 26% at the end of July 2024, well below the 60% covenant. The trust’s interest cover ratio was 1.9 times at the end of January 2024, versus a covenant of 1.5 times.
Consistent with its track record, we expect Soul Patts to increase dividends each year regardless of investment performance. Soul Patts has an appropriately conservative approach to the use of debt.
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