Dividends and capital returns
The Board has declared an interim ordinary dividend of 3.18p, an increase of 1.0% (2014/15: 3.15p). As previously announced, we are comfortable with full year dividend cover in the range of 2.0 to 2.5 times, a level the Board believes is prudent and consistent with the capital needs of the business.
The interim dividend will be paid on 13 November 2015 to shareholders on the register at close of business on 10 October 2015. A dividend reinvestment plan (DRIP) is available to shareholders who would prefer to invest their dividends in the shares of the Company. The shares will go ex-dividend on 8 October 2015. For those shareholders electing to receive the DRIP the last date for receipt of election is 23 October 2015.
In addition to the ordinary dividend Kingfisher has implemented a multi-year capital returns programme to return surplus capital to shareholders. Of the £200 million due to be returned in FY 2015/16, £139 million has been returned during H1 (£160m to date) via share buyback with the balance expected to be returned as a share buyback over the remainder of the year.