LondonMetric Property plc has continued to declare quarterly dividends and has offered shareholders a scrip alternative to cash payments.
The Company paid the third and fourth quarterly dividends for the year to 31 March 2020 of £37.5 million or 4.3p per share in the period as reflected in note 6 to the financial statements. The Company issued 0.2 million ordinary shares under the terms of the Scrip Dividend Scheme, which reduced the cash dividend payment by £0.3 million to £37.2 million. The fourth quarterly dividend of 2.3p per share for the year to 31 March 2020 was a cautious progression given the circumstances of the global pandemic, taking the total dividend for that year to 8.3p, a 0.1p increase over the previous year.
The first quarterly payment for the current year of 2.1p per share was paid as a Property Income Distribution (PID) in October 2020. The second quarterly dividend will comprise a PID of 2.1p per share and has been approved by the Board for payment in January 2021. The total dividend payable for the half year of 4.2p represents an increase of 5.0% over the previous comparative period.