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LONDON - Octopus Renewables Infrastructure Trust plc (ORIT) has declared a final interim dividend for the fourth quarter of 2024 and announced an increase in its dividend target for the financial year 2025, sticking to its progressive dividend policy.
Shareholders are set to receive a dividend of 1.51 pence per ordinary share for the period from October 1, 2024, to December 31, 2024. The payment, scheduled for February 28, 2025, will be available to those on the register as of February 14, 2025. The ex-dividend date is marked for February 13, 2025.
This Q4 2024 dividend brings the total annual distribution for the financial year 2024 to 6.02 pence per ordinary share, a figure that aligns with the company’s dividend target for the year and represents an increase from the previous year’s 5.79 pence per share. The dividend payments for FY 2024 have been fully funded by cash flows from the company’s asset portfolio, with 57.2% of the Q4 dividend designated as an interest distribution for UK tax purposes.
Looking ahead, ORIT has raised its dividend target for FY 2025 to 6.17 pence per ordinary share, marking a 2.5% increase in line with the Consumer Price Index (CPI) rise over the 12 months leading up to December 31, 2024. This adjustment reflects the fourth consecutive year of dividend target increases that match inflation rates. The company anticipates that the dividend for FY 2025 will be entirely supported by operating cash flows from its portfolio.
Phil Austin, Chair of Octopus Renewables Infrastructure Trust, expressed satisfaction with the company’s ability to meet its FY 2024 dividend target and provide shareholders with a yield of 8.9% based on the previous day’s closing share price. He also emphasized the board’s commitment to a progressive dividend policy, as demonstrated by the consistent annual increases in line with inflation.
The information for this article is based on a press release statement from Octopus Renewables Infrastructure Trust plc.
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