The board is recommending a final dividend of 11.0p per ordinary share (2013: 10.5p), which together with the interim dividend of 4.7p (2013: 4.5p) gives a total dividend of 15.7p (2013: 15.00p).
The final dividend will be paid, subject to shareholder approval, on 23 April 2015 to holders on the register on the record date of 20 March 2015.
The Corporation's policy continues to be to seek growth in both capital and income. We attach considerable importance to the dividend, which we aim to increase over a period, if not every year, at a rate which is covered by earnings and which does not inhibit the flexibility of our investment strategy. Our basis for reporting earnings is more conservative than that of many investment trusts, in that all of our expenses, including interest costs, are charged fully to the revenue account.