BTPLC Annual Report 2005 - Financial review

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Dividends

The board recommends a final dividend of 6.50 pence per share to shareholders, amounting to £551 million. This will be paid, subject to shareholder approval, on 5 September 2005 to shareholders on the register on 5 August 2005. This takes the dividend for the full year to 10.4 pence per share, compared to 8.5 pence in the 2004 financial year, an increase of 22%. This year’s dividend pay out ratio is 57% of earnings before goodwill amortisation and exceptional items compared to 50% in the 2004 financial year.
     We continue with our progressive dividend policy. The dividend for the 2006 financial year will be at least 60% of underlying earnings: subject to the group’s overall financial position, we expect our pay out ratio to rise to around two-thirds of underlying earnings by the 2008 financial year.
     The interim and final dividend in the 2004 financial year was 3.2 pence per share and 5.3 pence per share, respectively. This gave a full dividend for the year of 8.5 pence per share, amounting to £732 million.
     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.

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