RE: Sp fall18 Jun 2026 13:40
In response to feedback from many shareholders, we have decided to review our shareholder distribution policy. We intend to maintain a total payout ratio of at least 80% of adjusted profit after tax, but this will, from our upcoming full year results in June, now be split between both dividends and share buybacks, with at least 50% of the total payout each year being allocated to ordinary dividends and the remainder being allocated to either share buybacks or special dividends, depending on whether the Company is able to repurchase shares at below their fair value. This revised policy recognises the cash generative nature of the Group and its strong balance sheet and reiterates our commitment to maximising total shareholder returns