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Next to pay another special dividend

Reuters - UK Focus

LONDON, Feb 5 (Reuters) - British clothing retailer Next said on Thursday it will pay another special dividend, totalling 90 million pounds ($137 million), and flagged the prospect of three more similar payouts this year.

The group said it would pay a special dividend of 60 pence per share, to be paid May 1 to shareholders on its register at close of business on April 10.

Next (Other OTC: NXGPF - news) forecast that, at the lower end of its profit guidance for the 2015-16 year, it will generate around 360 million pounds of surplus cash.

It said that if it was unable to buy back shares it intended to return this cash in four quarterly special dividends of approximately 90 million pounds each, which equates to 60 pence per share per quarter.

The first of these was announced on Thursday.

($1 = 0.6559 pounds) (Reporting by James Davey; Editing by Neil Maidment)