Overview -
• Record dividends of £94.4bn were paid in 2017, up 10.5% year-on-year, boosted by large special dividends and rebounding payouts from miners
• Underlying dividends (ex specials) grew 10.4% to £87.7bn, the fastest rate of growth since 2012
• Exchange rate gains of £2.1bn owing to sterling’s 2016 devaluation boosted the annual total, though a stronger pound by year end meant FX losses in Q4
• Q4 growth was the slowest quarter all year, up 1.1%
Yield -
• Prospective equity yield for 2018 is 3.5%, down 0.2 percentage points owing to strong share-price performance
Outlook -
• Stronger global growth is positive for UK dividends, despite UK economic weakness
• Top 100 likely to lag mid-caps owing to lack of growth among very large payers
• Lower special dividends and FX penalties on the stronger pound are likely to have an impact
• We expect underlying growth of 3.1%, to an underlying total of £90.4bn, equivalent to 5.0% on a constant-currency basis
• Headline growth, including specials, is set to be 1.6%, to a grand total of £95.9bn
Full PDF article here - https://tinyurl.com/y7mpv6df
News-page of Link Asset Services - https://tinyurl.com/ydgh66ja
Cheers,
Itsallaguess
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Dividend Monitor PDF - Q4 2017
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