Dividends

Dividend policy

The Board has adopted a progressive dividend policy, intending to maintain or grow the dividend each year but, recognising that some earnings fluctuations are to be expected, the annual dividend will reflect the Board’s view of the earnings prospects over the entirety of the investment cycle. Dividend cover may therefore vary during the period but the target is for an average dividend cover of 2 times (i.e. a payout ratio of 50 per cent), based on Core earnings.

In setting the distribution policy and the overall financial strategy, the Board’s aim is to continue to strike a balance between the interests of the business, our financial creditors and our shareholders. After providing for business investment, funding the progressive dividend policy and meeting our debt service obligations, the Board will keep under review the opportunity to return cash in excess of these requirements to shareholders through periodic share repurchases.

Payment of dividends

Dividends will be paid twice a year, with a greater proportion paid as a second interim.

• First interim: announced end of July and paid in September
• Second interim: announced end of of January/beginning of February and paid in March

Dividend calculator & history

To calculate the value of your forthcoming/latest dividend payment, or look-up previous payments, please use the dividend calculator.

Exchange rates

Exchange rates used to convert dividend payments, announced in USD, GBP and SEK are the noon rate on the day prior to the dividend announcement.

Dividend questions

Please refer to the dividend FAQ for common questions regarding dividend payments.