Final dividend of 22.88 pence per share (total for the year of 34.32 pence),
in line with policy
Steve Mogford, Chief Executive Officer, said:
"Customer satisfaction with our service continues to improve, underpinned by
strong operational and environmental performance. We are improving the quality
and reliability of our infrastructure and, across the 2010-15 period, expect to
reinvest around £200 million of capital expenditure outperformance for the
benefit of our customers and the environment.
"We accelerated our capital investment programme and invested £787 million in
the year, taking the total investment in our network, since the start of the
regulatory period in 2010, to just over £2 billion, providing an important
contribution to the North West economy. We are delivering a smoother and more
effective programme and we expect to invest around a further £800 million in
2013/14."
Dividend per share
The board has proposed a final dividend of 22.88 pence per ordinary share in
respect of the year ended 31 March 2013. Taken together with the interim
dividend of 11.44 pence per ordinary share, paid in February, this produces a
total dividend per ordinary share for 2012/13 of 34.32 pence. This is an
increase of 7.2%, compared with the dividend relating to the previous year, in
line with group's dividend policy of targeting a growth rate of RPI+2% per
annum through to at least 2015. The inflationary increase of 5.2% is based on
the RPI element included within the allowed regulated price increase for the
2012/13 financial year (i.e. the movement in RPI between November 2010 and
November 2011).
The final dividend is expected to be paid on 2 August 2013 to shareholders on
the register at the close of business on 21 June 2013. The ex-dividend date is
19 June 2013.
