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In line with the policy announced in November 2003,
the board recommends a final dividend of 5.3 pence per share to
shareholders, amounting to £454 million. This will be paid,
subject to shareholder approval, on 6 September 2004 to shareholders
on the register on 6 August 2004. This takes the dividend for the
full year to 8.5 pence per share, compared to 6.5 pence in the 2003
financial year, an increase of 31%. This year’s dividend pay
out ratio is 50% of earnings before goodwill amortisation and exceptional
items and we expect this to increase to around 60% for the 2006
financial year.
The interim and final
dividend in the 2003 financial year was 2.25 pence per share and
4.25 pence per share, respectively. This gave a full dividend for
the year of 6.5 pence per share, amounting to £560 million.
The final and full dividend
for the 2002 financial year was 2.0 pence per share, which absorbed
£173 million. As part of BT’s debt reduction and restructuring
plans, the Board decided in May 2001 that there was to be no interim
dividend for the 2002 financial year. |
