Next PLC (LSE:NXT) has topped up the special dividend it promised a month ago by 45p after selling some "non-operational" land in Essex.
The plot at Waltham Abbey, originally purchased in 2021 with the intention of consolidating two regional distribution centres, has generated net cash proceeds of £54.1 million and an exceptional profit of £16.3 million.
Management decided to offload the land after plans for its distribution centre network changed, which meant it was no longer required.
Next said the proceeds would be used to increase its special dividend to £3.55, up from the £3.10p promised alongside a trading update in late October.
The profit will be classified as exceptional as the transaction falls outside normal trading activity.