dividend

Its ultimate parent company, Severn Trent plc, is popular with investors, as it has consistently paid large dividends to shareholders.

He was allowed to spend in the region of £125m on improving the quality of his squad but, prior to Monday, there was little sign of that layout paying dividends.

The Mittelstand’s ability to take a long view on business performance rather than scrambling for annual dividends is part of what has made German manufacturing so robust.

They believe UK government’s funding rules, known as the Barnett Formula, should mean a dividend for the Welsh government, something ruled out by the previous Conservative government at Westminster.

The experience paid dividends in other ways, too.