The Morgan Advanced Materials Board is recommending a final dividend, subject to shareholder approval, of 6.7 pence per share on the Ordinary share capital of the Group, payable on 3 July 2023 to Ordinary shareholders on the register at the close of business on 9 June 2023. The ex-dividend date is 8 June 2023.
Together with the interim dividend of 5.3 pence per share paid on 18 November 2022, this final dividend, if approved by shareholders, brings the total distribution for the year to 12.0 pence per share (2021: 9.1 pence).
A total dividend of 12.0 pence per share represents a dividend cover of adjusted EPS of 2.8 times.
The Board has committed to grow the Ordinary dividend as the economic environment and the Group's earnings improve, targeting a dividend cover of around 2.5 times over the medium term. This level of cover ensures sufficient resources are available to continue to invest to support the Group's long-term prospects, as well as to meet the needs of other stakeholders of the Group, including by making deficit contributions to the Group's defined benefit pension schemes.