Dividends and capital returns
The Board has declared an interim dividend of 3.25p, an increase of 2.2% (2015/16: 3.18p). We continue to be comfortable with medium term dividend cover in the range of 2.0 to 2.5 times based on adjusted basic earnings per share, a level the Board believes is prudent and consistent with the capital needs of the business.
The interim dividend will be paid on 11 November 2016 to shareholders on the register at close of business on 7 October 2016. A dividend reinvestment plan (DRIP) is available to shareholders who would prefer to invest their dividends in the shares of the Company. The shares will go ex-dividend on 6 October 2016. For those shareholders electing to receive the DRIP the last date for receipt of election is 21 October 2016.
On 25 January 2016 Kingfisher announced its intention to return around a further £600 million of surplus capital to shareholders over this year and the next two years. This is expected to be via share buyback. During H1 2016/17 £126 million (37 million shares) was returned to shareholders via share buyback and since year end, £160 million of shares (47 million shares) have been repurchased.
