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JERSEY - CVC Income & Growth Limited, a closed-ended investment company, has announced an increase in its quarterly interim dividend and set its annual dividend targets for the financial year 2025. The Board of Directors declared a quarterly interim dividend of 3.3038p per ordinary Sterling Share and 2.486c per ordinary Euro Share, marking an uplift from the previous quarter's dividend.
The new dividend rates represent an increase from the 2.0625p per Sterling ordinary share and 1.8125c per Euro ordinary share previously announced on January 30, 2024. Shareholders can expect the dividends to be paid on February 28, 2025, with the ex-dividend date set for February 6, 2025.
In addition to the quarterly dividend announcement, the company has reviewed and set its annual dividend targets. For the financial year 2025, the targets are 9.25p per ordinary Sterling Share, which is an increase of 1p from 2024, and 7.25c per ordinary Euro Share, which remains unchanged from the previous year. This adjustment will be effective starting with the first 2025 quarterly interim dividend.
Robert Kirkby, the Chairman of CVC Income & Growth, emphasized the Board's careful consideration of the Investment Vehicle's underlying portfolio cash yield, market conditions, and future trends in default rates and risk-free rates. Kirkby stated that dividend changes are made with sustainability in mind and should remain stable barring significant macroeconomic or geopolitical events.
The Board also indicated the possibility of an upward adjustment to the fourth quarter 2025 dividends if the Investment Vehicle portfolio generates surplus cash income. However, Kirkby noted that there should be no expectation regarding the level or certainty of such adjustments.
This announcement is based on a press release statement and reflects the company's current financial strategy and dividend policy.
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