The Board has recommended a final dividend for 2022 of 7.3p (2021: 7.3p) per share. This is subject to shareholder approval and will be paid on 16 May 2023 to shareholders on the register at close of business on 31 March 2023. The dividend payment is expected to be £142m.
As a result of the decline in revenue in the year, dividend cover on an adjusted capital generation basis was 0.9 times.
It remains the Board's current intention to maintain the total annual dividend at 14.6p (with the interim and final both at 7.3p per share), until it is covered at least 1.5 times by adjusted capital generation, at which point the Board will seek to grow the dividend in line with its assessment of the underlying medium-term growth in profitability.
Other Financial Highlights:
- Completed the acquisition of ii in May 2022.
- Delivered £0.8bn of value through divestments.
- Strong progress on fund rationalisation in Investments, where overall costs were down 2%.
- Retained position as leading adviser platform.
