As a result of uncertainty surrounding the COVID-19 pandemic, the Tyman PLC Board took the decision to cancel the 2019 final dividend of 8.35 pence per ordinary share that was proposed with the 2019 results announcement on 5 March 2020. Furthermore, no interim dividend was declared in 2020.
As a result of the strong performance in the second half of 2020 and the robust balance sheet position, the Board considers it appropriate to declare a modest final dividend for 2020. A final dividend of 4.0 pence per share (2019: nil pence), equivalent to £7.8 million based on the shares in issue as at 31 December 2020, will be proposed at the Annual General Meeting (2019: £nil). The total dividend declared for the 2020 financial year is therefore 4.0 pence per share (2019: 3.9 pence), an increase of 2.6%. This equates to a Dividend Cover of 6.8x. The Board intends to return to a progressive dividend policy when conditions allow.
The ex-dividend date will be 4 April 2021 and the final dividend will be paid on 28 May 2021 to shareholders on the register at 23 April 2021.
Only dividends paid in the year have been charged against equity in the 2020 financial statements. No dividend payments were made to shareholders during 2020 (2019: £23.6 million).