The Dividend Investor. Rodney Hobson

underlying earnings before exceptional items and gives a clearer picture of progress over the five years.

      It would be useful if all annual reports contained this five-year table in exactly the same place and in exactly the same format. This does not happen. Some companies put the table proudly near the front while others bury it. Sometimes it appears as a table and sometimes as a bar chart.

      It is much easier to search for the figures if you have the annual report in paper form. If you are looking online it may be a case of wading through the annual report page by page until you unearth it.

      Key points

       The interim and full-year results announcements tell you how much the latest dividend is and by how much it has been increased or decreased.

       Look through the results for any clue as to what the next dividend is likely to be.

       You may have to search through the annual report for the vital five-year dividend record but it is worth the effort for the fuller picture it gives.