Operating and Financial Review
Financial Review
- Introduction
- Operating Review
- Financial Review
- Basis of accounting
- Financial performance
- Segmental reporting
- Dividends
- Dividend policy
- Liquidity, resources and capital expenditure
- Treasury policy
- Commodity price hedging
- Commitments and contingencies
- Critical accounting policies
- Related party transactions
- Changes and developments
- Going concern
- US GAAP reporting
- Other matters
Dividend policy
As a result of the advanced process of obtaining regulatory approval relating to the sales of four of the Group's UK gas distribution networks, the Board has recommended a 28% increase in the final dividend per share for the year ended 31 March 2005, giving rise to a 20% increase in the total dividend for the year. Going forward, the Board has declared its dividend policy is to aim to increase dividends per ordinary share, expressed in sterling, by 7% nominal in each financial year to 31 March 2008.