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Dividends represent the return of profits to shareholders. Dividends are paid as an amount per ordinary share held. The Group retains part of the profits generated to meet future investment plans or to fund share buyback programmes.

In addition to the interim dividend of 1.33p per share, the proposed final dividend is 2.67p per share for the year ended 31 December 2023, giving a total full year dividend of 4.0p per share (2022: 3.0p per share). The dividend will be submitted for formal approval at the Annual General Meeting expected to be held on 5 June 2024 and, subject to approval, will be paid on 11 July 2024 to those shareholders registered on Friday, 31 May 2024.

The Company has sufficient distributable reserves to pay dividends to its ultimate shareholders. Distributable reserves are calculated on an individual legal entity basis and the ultimate parent company, Centrica plc, currently has adequate levels of realised profits within its retained earnings to support dividend payments.