9. Dividends and earnings per share

2025
£’000

2024
£’000

Prior year final dividend of 5.10p (2024: 4.90p) per 5.0p ordinary share

2,491

2,383

Interim dividend of 2.50p (2024: 2.38p) per 5.0p ordinary share

1,222

1,159

Dividends paid during the year

3,713

3,542

The proposed final dividend for the year ended 31 December 2025 of 5.35p per share (2024: 5.10p) is subject to approval by shareholders at the AGM and has not been recognised as a liability in these financial statements. The proposed dividend would amount to £2,635k if paid to all shareholders on the Company register at the close of business on 31 December 2025.

Earnings per ordinary share

Earnings per ordinary share is calculated by dividing the consolidated profit after tax attributable to equity holders of the Company of £22,639k (2024: £2,755k loss) by the weighted average number of shares in issue during the year and excluding own shares held by the EBT which are administered by independent trustees. The number of shares held in the trust at 31 December 2025 was 322,230 (2024: 133,573). The distribution of shares from the trust is at the discretion of the trustees. Diluted earnings per ordinary share adjusts for the potential dilutive effect of share option schemes in accordance with IAS 33 “Earnings per Share”.

2025

2024

Weighted average number of ordinary shares in issue

48,827,596

48,669,691

Adjustments for share options

1,631,211

1,361,985

Diluted number of ordinary shares issued

50,458,807

50,031,676