New enhanced dividend policy
1pm plc, the AIM listed alternative finance provider, is pleased to announce details of an enhanced, progressive dividend policy ahead of its final results for the year ended 31 May 2018, scheduled to be published during the week commencing 10 September 2018.
As was reported in its trading update for the year ended 31 May 2018, announced on 27 June 2018, the Group’s trading remains strong. Given the increased scale and stability of the enlarged Group created by the successful integration of recent acquisitions, forward visibility of earnings, improved margins and lower operational risk, the directors now consider that it will be appropriate to recommend an increased dividend for the year ended 31 May 2018 and progressive increases for each of the years ending 31 May 2019, 2020 and 2021.
The directors will therefore recommend a final dividend for the year ended 31 May 2018 of 0.65p per share, which is a 30% increase over the previous year. Thereafter, the board will continue to recommend a 30% annual increase in dividends during the three-year period ending 31 May 2021. The board intends to declare a one-third interim dividend to be paid in April and to recommend a two-thirds final dividend to be paid in October each year. Associated record dates and payment dates for the final dividend will be announced in due course and are expected to follow a similar timetable to the payment of last year’s final dividend.
Ian Smith, CEO, commented:
“The 1pm management team and employees are grateful for the support of shareholders during the recent expansion phase and the intent is to progressively reward them as the business continues to develop and prosper.”