Main

The Board recognises the importance of cash dividends for shareholders and has returned to a cash dividend since HY 23. The Group’s financial position has strengthened in recent years following the disposals of non-core assets, strong operational performance, and the rebasing of income and earnings.

In line with the announcement made as part of the disposal of Value Retail, the Board has announced an increase in the payout ratio of the existing sustainable dividend policy to 80-85% of annual adjusted earnings. Dividends will be paid semi-annually.

This policy will continue to be based on a disciplined approach to capital allocation balancing returns to shareholders whilst continuing to invest in our core assets, as well as the impact of disposals, acquisitions, loan to value and changes in financing operating conditions. The Board will continue to keep the policy under review over the coming years as the Group continues to execute on its strategy.