The interim dividend has been set at 3.20 pence per ordinary share, 20.8% higher year-on-year, in line with a pre-determined policy of setting an interim dividend at 35% of the prior year full-year dividend. The interim dividend was approved by the Board of Directors on 6 October 2020. As previously announced, Tesco plc expects to maintain a full year dividend pay-out ratio of 50% going forward.
The interim dividend will be paid on 27 November 2020 to shareholders who are on the register of members at close of business on 16 October 2020 (the Record Date). Shareholders may elect to reinvest their dividend in the Dividend Reinvestment Plan (DRIP). The last date for receipt of DRIP elections and revocations will be 6 November 2020.