• 1.      What is Howdens dividend policy?

    In February 2014, the Board said that:

    "The Board intends to target a capital structure that is both prudent and recognises the benefits of financial leverage and, after considering all other uses of capital, to return surplus capital to shareholders, by way of either ordinary dividends or alternative returns of capital.

    "The Group has significant property leases for the depot network, and currently has a material deficit in the Group pension fund and a small number of remaining legacy liabilities related to the Group's ownership of MFI. Taking into account this underlying level of gearing, the Board believes it is appropriate for the Group to be able to operate throughout the working capital cycle without incurring bank debt.

    "The Board has reviewed the Group's dividend policy and has decided that it will move to an earnings per share dividend cover of between 2.5x and 3x, with one third of the previous year's dividend being paid as an interim dividend each year.

    "The Board continues to monitor the cash balances in light of the Group's future investment opportunities, expected peak working capital requirements and the trading outlook. To the extent the Group has sustainable levels of capital in excess of expected requirements, the Board expects to return it to shareholders."

  • 2.      When are dividends paid?

    Interim dividends are normally paid in late November/early December of the financial year in question. Final dividends are normally paid in June of the following financial year. Details of forthcoming dividend payment dates are given in the Financial Calendar.

  • 3.      Should I have received a dividend recently?

    Prior to 2012, no dividend had been paid since 2008. Payments since then have been:

    2011 Final dividend 0.5p Paid on 22 June 2012
    2012 Interim dividend 0.3p Paid on 30 November 2012
      Final dividend 2.7p Paid on 21 June 2013
    2013 Interim dividend 1.0p Paid on 22 November 2013
      Final dividend 4.5p Paid on 20 June 2014
    2014 Interim dividend 1.9p Paid on 21 November 2014
      Final dividend 6.5p Paid on 19 June 2015
    2015 Interim dividend 2.8p Paid on 20 November 2015
      Final dividend 7.1p Paid on 17 June 2016
    2016 Interim dividend 3.3p Paid on 18 November 2016
  • 4.      Why haven't I received a dividend?

    One possible reason is that if you purchased your shares after they went 'Ex dividend', you are not entitled to the dividend. The same is true if you sold your shares before they went 'Ex dividend'.

    If your dividend is paid by cheque, another reason may be that you have moved and have not informed our Registrar, Computershare, of your new address. If so, you should write to Computershare at the following address to inform them that you have not received the dividend cheque.

    Computershare, The Pavilions, Bridgwater Road, Bristol BS13 8AE, United Kingdom.

    At the same time, you will need to change your contact details. To find out how to do this, click here

    If your dividend is paid directly in to your bank/building society account, another reason is that you may have changed your account. In this case, the payment to your old account will have been rejected by the receiving bank/building society. If this happens, our Registrar will send a dividend cheque to you.

  • 5.      Can dividends be paid direct to my bank/building society account?


    You can phone our Registrar, Computershare, and ask for a 'Dividend mandate' form. Alternatively, you can download a 'Dividend mandate' form from the Computershare website, where you will see an option 'Downloadable forms'. The completed 'Dividend mandate' form should be sent to Computershare.

    Finally, you can use the Computershare website by registering with their free 'Investor Centre' service. Registering allows you to update your details on-line. To register, go to their website and select the 'Register Now' option.

    The contact details for Computershare can be found here.

  • 6.      Do you have a dividend reinvestment programme?


  • 7.      When are tax vouchers issued?

    For dividends paid by cheque, a tax voucher is attached to the dividend cheque.

    For dividends paid directly into a bank/building society account, a tax voucher giving details of dividends paid is issued at the time of payment.

  • 8.      I've lost my dividend cheque/tax voucher. What should I do?

    You will need to contact our Registrar, Computershare, who will issue a replacement cheque/tax voucher. The Registrars may charge an administrative fee for providing a replacement cheque/tax voucher.

    The contact details for Computershare can be found here.

    You can arrange to have dividends paid direct into your bank or building society account which is a more convenient and secure method of payment than receiving a cheque. For details of how to do this please see "Can dividends be paid direct to my bank/building society account?".