easyJet to propose 21.5p per share dividend during AGM

Sir Michael Rake, Chairman of easyJet, is expected to propose a dividend of 21.5p per share to be paid in respect of the financial year ending September 30th in an annual general meeting on Thursday.

A curtainraiser preview of the Chairman's speech, issued ahead of the meeting by easyJet, indicated that strong growth results for the low-cost airline.

"Since the last annual general meeting, easyJet has gone from strength to strength and has delivered total shareholder return of 125% through a combination of share price appreciation and the payment of £196m in ordinary and special dividends," Sir Michael is expected to say.

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"In the 2012 financial year, profit after tax grew by 13% to £255m and due to the strength of this performance and outlook for sustainable growth and returns the board has increased the level of ordinary dividend paid annually from a ratio of five times cover to three times cover.

"Consequently, subject to your approval today, a dividend of 21.5p per share will be paid in respect of the financial year ending September 30th 2012."

easyJet's share price was down 1.18% to 1,003p at 10:16.

MF