Sanderson, the Coventry software and IT company that brought its shares to the AIM on December 16, has done all that it promised and made a generous interpretation of its dividend promise.

Meantime, the shares have risen from 50p to 661/2p, up another 1/2p yesterday.

Sanderson's prospectus contained an intention to pay dividends equivalent to five per cent of the initial price - 2.5p.

Yesterday it declared an interim payout of 1.1p costing £485,000 for the half-year to the end of March, even though the company had been floated for little more than three months and could have scaled back the dividend accordingly.

Christopher Winn, chairman, confirmed: "We said we would pay a five per cent dividend.

"We are paying 1.1p after three months. The idea is that there will be a 1.4p final in December or January."

On a pro forma basis Sanderson's half-year sales were seven per cent ahead of the same months a year ago at £7.897 million and the adjusted profit 11 per cent higher at £1.291 million.

"The business is in good shape," Mr Winn added.

"We think we can get five per cent turnover growth for the year, in which case we can probably get a ten per cent increase in operating profit."

Money raised in the flotation has paid off £900,000 of debt, reducing the total outstanding to £1.1 million.