The Board has concluded that it is appropriate to recommend an increase in the final dividend per share by 0.9 pence to 19.1 pence (2022: 18.2 pence). We will pay the 2023 final dividend as a PID and expect to pay the 2024 interim dividend as an ordinary dividend. The Board’s recommendation is subject to approval by shareholders at the 2024 Annual General Meeting to be held on 18 April 2024, in which event the final dividend will be paid on 3 May 2024 to shareholders on the register at the close of business on 15 March 2024.
In considering the final dividend, the Board took into account:
• the policy of targeting a payout ratio of between 85 and 95 per cent of Adjusted profit after tax;
• the desire to ensure that the dividend is sustainable and progressive throughout the cycle; and
• the results for 2023 and the outlook for earnings.
The total dividend for the year will, therefore, be 27.8 pence, a rise of 5.7 per cent versus 2022 (26.3 pence) and represents distribution of 85 per cent of Adjusted profit after tax.
The Board has decided to retain a scrip dividend option for the 2023 final dividend (subject to approval by shareholders at the 2024 AGM), allowing shareholders to choose whether to receive the dividend in cash or new shares. In 2023, 49 per cent of the 2022 final dividend and 21 per cent of the 2023 interim dividend were paid in new shares, equating to £129 million of cash retained on the balance sheet.
and
FINANCIAL CALENDAR
2023 final dividend ex-div date 14 March 2024
2023 final dividend record date 15 March 2024
2023 final dividend scrip dividend price announced 22 March 2024
Last date for scrip dividend elections 12 April 2024
2023 final dividend payment date 3 May 2024
2024 Q1 Trading Update 18 April 2024
Half Year 2024 Results (provisional) 26 July 2024
Frustratedly
TJH
