RE: Dividend23 Nov 2022 13:34
Rather than try to get behind a paywall - it's all laid out in a recent RNS - reproduced below
The Board recognises the importance of sustainable dividends for shareholders and will continue to prioritise value creation from a strong return on capital. Following a review and reflecting the increased uncertainty in the political and macro-economic environment, alongside increased corporation tax and the residential property developer tax, the Board has decided to conclude the previous capital return programme, which was introduced in 2012.
The Board will implement a new Capital Allocation Policy with the following key principles:
Invest in the long-term performance of Persimmon by ensuring the business retains sufficient capital to continue our disciplined and appropriately timed approach to land acquisition.
Operate prudently, with low balance sheet risk, and a continued focus on achieving a superior return on capital.
Ordinary dividends will be set at a level that is well covered by post-tax profits, thereby balancing capital retained for investment in the business with those dividends.
Any excess capital will be distributed to shareholders from time to time, through a share buyback or special dividend.
The 2022 dividend per share will be announced in March 2023, alongside the Group's full year 2022 results, and paid in Q2 2023. Guided by the new policy, when proposing the 2022 dividend the Board will carefully consider the business' performance, financial position and outlook at that time. There will be no special distribution for 2022.
For the 2023 financial year and onwards, dividends will be paid out semi-annually, with an interim dividend for 2023 expected to be paid in the second half of 2023.
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