The dividend-cutting season is here - is it time to panic?

Investec AM's Alastair Mundy takes a closer look at companies' different dividend strategies as the results season unfolds.

It is results season, and with results come dividend announcements. As the earnings cycle continues to move downwards (although you would not necessarily know that reading management statements), some boards are having to make tough decisions on their payouts to shareholders, and consequently we are seeing a number of strategies emerge. First, is the 'panic early' group. These companies have seen deteriorating conditions, wish to keep their spending options flexible, and see no reason to jeopardise the company's future by maintaining a dividend which is too high. Investec's Hutchins...