Capital allocation framework
We recognise the importance of cash returns to shareholders and have demonstrated our commitment to making significant distributions, returning over £2.8 billion since the introduction of our Dividend Policy in 2018.
Capital allocation decisions are based on our long term goals. Our first priority is to ensure we have a strong balance sheet at all times. We must then satisfy the requirements of the business for investment in land, WIP and business needs. We are then able to offer returns to shareholders via our Distribution Policy. Any excess cash will also be returned to shareholders at the appropriate time in the cycle.
