Shareholder returns guidance

We are committed to striking the right balance between investing in the business to drive future growth and returning capital to shareholders, whilst maintaining a strong balance sheet. 

For 2024, 2025 and 2026 we expect to return 50% of the Underlying cash result to shareholders. This will comprise 18.00 pence per share in annual dividends declared with the balance returned through share buy-backs. Shareholder returns declared for 2024 were in line with this guidance. 

The Board intends to reassess its approach to shareholder returns for 2027 and beyond at the appropriate time.

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 share2017 pence per share2018 pence
per share 		2019 pence per share2020 pence per share2021 pence per share2022 pence per share2023 pence per share2024 
pence per share		2025 pence per share
Interim12.3315.4118.4918.49-A11.5515.5915.836.006.00
Second interim---20.00B------
Withheld 2019 dividend---11.22B------
Final20.6727.4529.73-38.4940.4137.198.0012.00-
Total33.0042.8648.2249.71B38.4951.9652.7823.8318.006.00

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

Share buy-back history

Details of our share buy-back programme commencing in August 2025 can be found here.

Details of historic share buy-backs are as follows: 

AnnouncementCommencement dateCompletion dateBuy-back amount (£'million)Shares purchasedAverage purchase price (pence)
Half Year 202511 August 202506 October 202595.57,522,6651269.3153
Full Year 202428 February 202516 May 202592.69,516,886973.0073
Half Year 202427 August 202413 September 202432.94,590,083716.7626

Computershare Investor Services plc

The Pavilions
Bridgwater Road
Bristol
BS99 6ZZ
Tel: 0370 702 0197
email: [email protected]
Website: www.investorcentre.co.uk

Investor relations enquiries

Director – Investor Relations

Hugh Taylor

Email: [email protected]

SJP Approved 04/04/2025