HFEL

Dividend

I am pleased to report that we have once again maintained the Company’s 17-year track record of increasing dividends. A total dividend of 24.60p has been paid in respect of the year ended 31 August 2024, representing a 1.7% increase over the prior year.

It is also particularly pleasing to confirm that our dividend has been fully covered by portfolio revenues during the financial year as we witnessed a strong resurgence of dividend growth in line with longer term trends. We will, as we always do in years of surplus, be adding a considerable amount to the revenue reserve which we seek to strengthen when we can. The revenue reserve can be used to smooth dividends through periods of revenue shortfall. This reserve now stands at £29.9m.