Dividend
As a first step in moving to our new target pay-out ratio of 35% of earnings, and subject to shareholder approval, a final dividend of 7.8 pence per share will be payable which will bring the full year dividend to 12.0 pence per share (2013: 9.3 pence per share), an increase of 29% for the year. The full year dividend of 12.0 pence per share represents a total payment equivalent to approximately 32% of pre-exceptional post tax earnings for the full year 2014. The final dividend will be paid on 8 May 2015 to shareholders on the register at the close of business on 10 April 2015. The shares will be marked ex-dividend on 9 April 2015.
