Dividend Policy

Dividends and other distributions are made at the discretion of Scales’ Board. The payment of dividends is not guaranteed, and the dividend policy may change over time.

Scales current policy is to target a dividend payout ratio, in respect of each financial year, of between 65% and 75% of Underlying NPAT.

Dividend payments will be split approximately evenly between interim and final, and will be payable in January (interim) and July (final).

The Scales Board will take into account all relevant considerations at the time of declaring dividends, including:

• Current year trading expectations;
• Working Capital and Capital Expenditure requirements;
• Investment intentions;
• Current and forecast “Net cash/Net debt” position;
• Satisfaction of the solvency requirements of the Companies Act;
• Banking or other funding requirements by which Scales is bound from time to time, including bank facility covenants.

Scales is currently committed to an annual dividend level of no less than 19c cash per share whilst the company holds Net Cash, although at a level no greater than actual Net Profit for each year.

Dividends paid

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