Berkeley鈥檚 board has decided to step up its dividend programme. In 2011 it announced plans to pay out to shareholders 拢13 per share by 2021. It is now increasing this to 拢16.34 per share.
With 拢4.34 per share having already been paid, the remaining 拢12 per share is planned to be paid in annual dividends of 拢2 per share over the next six years, chairman Tony Pidgley said. This increase of 拢3.34 per share adds 拢500m to the original 拢1.7bn return programme.
Next month shareholders will share further interim dividend payout of 拢1 a share, worth a total 拢136.5m.
Excluding the impact of sales of ground rent assets, Berkeley reported a 10% rise in adjusted pre-tax profit for the six months to 31st October 2015, to 拢242.3m (2014: 拢219.8m). Revenues were up 11% to 拢1,138.7m (2014拢1,022.2m).
As Berkeley sold more ground rent assets last year (拢85.1m versus 拢51.0m), reported pre-tax profit was down 4% from 拢304.9m last time to 拢293.3m.
Got a story? Email news@theconstructionindex.co.uk
