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Share price 1174.00 GBX 9th October 2024 at 16:03 PM

Strong track record of EPS growth and cash returns

Significant returns to shareholders since IPO

c.£1.5bn

Cash returned to shareholders1

1 Ordinary dividends plus special distributions.

15%

Ordinary dividend CAGR

Dividend history (pence per share)

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Capital and dividend policies 

  • Target average net debt between 0.2× and 0.6× the last 12 months’ EBITDA.2
  • Ordinary dividend cover3 of between 1.75× and 2.25× earnings per share during the financial year to which the dividend relates.
  • Return surplus cash if net debt consistently falls below the minimum target of 0.2×.

2 EBITDA defined as operating profit plus depreciation and amortisation of property, plant and equipment and intangible assets plus loss on disposal and impairment of property, plant and equipment and intangible assets plus depreciation on right-of-use assets.

3 Dividend cover is calculated as earnings per share divided by the total ordinary dividend relating to the financial year.

Upcoming dividends Pence per share Record date Payment date
FY24 Final ordinary 27.5 1 Nov 2024 26 Nov 2024
Past dividends – ordinary Pence per share Record date Payment date
FY24 Interim 16.0 15 Mar 2024 9 Apr 2024
FY23 Final 27.0 27 Oct 2023 20 Nov 2023
FY23 Interim 15.0 17 Mar 2023 11 Apr 2023
FY22 Final 26.0 11 Nov 2022 5 Dec 2022
FY22 Interim 14.0 18 Mar 2022 8 Apr 2022
FY21 Final 23.0 29 Oct 2021 19 Nov 2021
FY21 Interim 12.0 19 Mar 2021 9 Apr 2021
FY19 Final 20.5 1 Nov 2019 22 Nov 2019
FY19 Interim 7.5 15 Mar 2019 12 Apr 2019
FY18 Final 19.5 16 Nov 2018 7 Dec 2018
FY18 Interim 7.0 23 Mar 2018 13 Apr 2018
FY17 Final 19.5 3 Nov 2017 24 Nov 2017
FY17 Interim 6.5 24 Mar 2017 13 Apr 2017
FY16 Final 19.1 4 Nov 2016 25 Nov 2016
FY16 Interim 6.0 4 Mar 2016 24 Mar 2016
FY15 Final 16.0 16 Oct 2015 27 Nov 2015
FY15 Interim 5 20 Mar 2015 10 Apr 2015
Past dividends – special Pence per share Record date Payment date
Special dividend 35 15 Mar 2024 9 Apr 2024
Special dividend 40 17 Mar 2023 11 Apr 2023
Special dividend 37 25 Feb 2022 18 Mar 2022
Special dividend 65 17 Sep 2021 8 Oct 2021
Special dividend 32 20 Sep 2019 11 Oct 2019
Special dividend 31.5 4 Mar 2016 24 Mar 2016
Special distribution1 70 2 Mar 2015 Mar 2015

1 In FY15 the Group returned excess capital of 70.0p per share to shareholders through a B/C Share Scheme which allowed shareholders to receive the return as capital or income.

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Analysts' consensus