UK companies paid their shareholders a headline £97.4bn in 2014, a rise of 21 per cent on 2013.

But all the growth attributable was to Vodafone's special first quarter dividend, according to the latest UK Dividend Monitor from Capita Asset Services.

Excluding special dividends, dividends totalled £79.1bn, an increase of just 1.4 per cent or a decline in real terms, and in line with Capita's forecast of £79.2bn. Only 2009 and 2010 have performed worse on Capita's records, in the wake of the global recession. It says investors' returns have been hampered by struggling corporate profits, particularly among the biggest most internationalised companies, and by currency effects. However, without the drag of the strong pound, underlying dividends would have been around £2.5bn higher, a modest but creditable growth rate of 4.6 per cent.

The final quarter of the year provided more reassuring underlying growth for investors. While headline dividends were slightly down (-0.4per cent to £15.2bn) thanks to fewer special dividends, underlying growth stood at 4per cent the fastest rate of increase since the third quarter of 2013. This was triggered by sharp rise of the US dollar against the pound, reversing some the negative effects of the strong pound earlier in the year.

Capita has increased its 2015 forecast for underlying dividends to£83.6bn, an increase of 5.7per cent on 2014.

Large-cap companies generally disappointed in 2014, with underlying payouts from the FTSE 100 up just 0.7per cent on 2013 to £70bn. By contrast payouts from mid-caps less exposed to global economic and currency issues were up by 8 per cent.