Shareholder returns information

Shareholder returns guidance

For the 2026 financial year and beyond, the Board intends to return 70% of the Underlying cash result to shareholders. We anticipate this will comprise:

an ordinary dividend, which we expect will make up at least 40% of total shareholder returns. This is equivalent to at least 28% of the Underlying cash result; and
a share buy-back for the balance, subject to the Board’s ongoing assessment of the most appropriate mechanism for that return.

The Board intends to pay an interim dividend and conduct an interim share buy-back following our Half Year 2026 results. These will be set at a third of the prior full-year balance for ordinary shareholder returns, excluding buy-backs relating to releases from our Ongoing Service Evidence provision.

Payment of dividends

Many shareholders elect to receive dividends directly into their bank accounts via BACS (Bankers’ Automated Clearing Services) transfer as it provides a more secure and quicker means of receiving their dividends. If you would no longer like to receive your dividends via cheque and would like to take up the option to receive your dividends via BACS, please contact Computershare using the details at the bottom of this page.

The dividend payment timetable is outlined in the financial calendar.

Dividend reinvestment plan

If you would prefer to receive new shares instead of cash dividends, shareholders will need to complete a Dividend Reinvestment Plan (DRIP) form. For further details of the scheme, please contact Computershare using the details at the bottom of this page.

Dividend history

The history of dividends for each financial year since 2016 is as follows:

	2016 pence per share	2017 pence per share	2018 pence per share	2019 pence per share	2020 pence per share	2021 pence per share	2022 pence per share	2023 pence per share	2024 pence per share	2025 pence per share
Interim	12.33	15.41	18.49	18.49	-^A	11.55	15.59	15.83	6.00	6.00
Second interim	-	-	-	20.00^B	-	-	-	-	-	-
Withheld 2019 dividend	-	-	-	11.22^B	-	-	-	-	-	-
Final	20.67	27.45	29.73	-	38.49	40.41	37.19	8.00	12.00	12.00*
Total	33.00	42.86	48.22	49.71^B	38.49	51.96	52.78	23.83	18.00	18.00

* Subject to shareholder approval at the AGM.

^A The Board decided not to pay an interim dividend and make only a recommendation for a final dividend for 2020 when it was better able to assess the impact that COVID-19 had on the business.

^B In April 2020 the Board made the decision to withhold 11.22 pence of the 2019 final dividend, until such time when the financial and economic impact of COVID-19 became clearer. The withheld amount of 11.22 pence per share was reinstated as a further 2019 interim dividend and was paid on 24 March 2021 to shareholders on the register on 5 March 2021.

View a history of dividend payments since 2007

You can check the value of dividends you have received by using our dividend calculator.

Dividend calculator

Announcement	Commencement date	Completion date	Buy-back amount (£'million)	Shares purchased	Average purchase price (pence)
Half Year 2025	11 August 2025	06 October 2025	95.5	7,522,665	1269.3153
Full Year 2024	28 February 2025	16 May 2025	92.6	9,516,886	973.0073
Half Year 2024	27 August 2024	13 September 2024	32.9	4,590,083	716.7626

Computershare Investor Services plc

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Tel: 0370 702 0197
email: [email protected]
Website: www.investorcentre.co.uk

Shareholder returns information