Dividend Information

Dividend Policy

The Board intends to pursue a dividend policy reflecting the operational cash generation, investment and liquidity needs of the Group as well as the capital requirements of the underlying businesses and will target a dividend cover equivalent to 2.5 to 3.5 times Group AOP earnings for each annual reporting period, with the first interim dividend cover equivalent to 3 times Group AOP earnings for the first interim period.

As announced in the Annual Report and Accounts 2016, with effect from the first interim dividend for 2017, dividends in currencies other than sterling will be converted at our average effective exchange rate after taking into account hedging activities and timing of remittances for the relevant period.