We target a shareholder Distribution Policy of 70% of post-tax, post-interest earnings through a combination of regular ordinary dividends payable in cash and annual share buyback programmes.
We expect to pay an Interim and a Final Dividend each financial year. It is expected that the Interim and Final Dividends will be paid in the approximate proportions of one-third (Interim Dividend) and two-thirds (Final Dividend) of the total dividends payable in respect of a financial year, taking into account the underlying cash generation, cash resources, capital position, distributable reserves and market conditions at the time. Each Interim Dividend will, in normal circumstances, be set at one third of the previous year’s total dividend.