Friday, April 12, 2024

Fonterra sees dividend at top end of forecast

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Co-op expects to pay healthy full-year dividend in October.
Fonterra chief executive Miles Hurrell says the strength of its balance sheet means we remain in a strong position to weather uncertainty and market volatility.
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Fonterra expects to end the 2023 financial year at the top end of its forecast range of 65-80 cents per share.

CEO Miles Hurrell said while the co-op is still in the process of finalising and having its FY23 numbers audited, it has reported strong earnings through FY23 off the back of favourable Ingredients margins. 

“As we close out our books, we’re in a position to provide further guidance on where we expect to end the year.  

“Furthermore, we expect to pay a full-year dividend at the top end of our dividend policy, which is 40-60% of normalised earnings,” said Hurrell. 

The full-year dividend comprises the interim dividend of 10 cents per share already paid, plus the final dividend expected to be paid in October.

Fonterra will confirm its final FY23 earnings and full-year dividend when it reports its financial results in September. 

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