Dividends

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×.

View the full policy

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.