Final dividend

The Board has recommended a final dividend of 17 pence per share. This means eligible full-time employees with the maximum allocation of 913 Free Shares will receive around £155 as a final dividend payment, subject to shareholder approval on 18 July 2019.

In total, they will have received around £1091 (before tax) in dividends since privatisation*.

Eligible part-time employees will receive a dividend based on their pro-rata allocation of Free Shares.

Change to dividend policy

From 2019-20, our policy is for a full year dividend underpin of 15.0 pence per share, which may be supplemented by additional payouts in years with substantial excess cashflow.

We are one of the most widely held stocks in the FTSE. We appreciate the support of our shareholders, including our people who have received Free Shares. We very much understand the importance of the dividend to all our shareholders. Our decision to rebase the dividend and change the policy is not one that we have taken lightly. In doing so, we have sought to find the appropriate balance between investing in the future sustainability of our business, and shareholder returns.

Details of all dividend payments are available on myroyalmail here.

*Up until 16 January 2019, eligible full-time employees with the maximum allocation of 913 Free Shares have received around £936 in dividends (before tax) since privatisation, and will receive around £155 on 4 September 2019, subject to shareholder approval at the AGM on 18 July 2019.