2 growing ASX dividend shares for an income portfolio

These ASX shares are growing their dividends each year…

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Are you an income investor looking for growing dividends? If you are, then you might want to look at the ASX dividend shares listed below.

Here's what you need to know about these shares:

happy woman looking at her laptop with notes of money coming out representing financial success and a rising share price and dividend yield

Image source: Getty Images

Integral Diagnostics Ltd (ASX: IDX)

Integral Diagnostics could be a dividend share to consider. It is a medical imaging service provider that operates from a total of 72 radiology clinics. This includes 26 comprehensive sites. 

The company employs some of Australasia's leading radiologists and diagnostic imaging specialists in a unique medical leadership model. This model ensures quality patient care, service and access.

Pleasingly, Integral Diagnostics has been a solid performer in FY 2021 and has been experiencing strong demand for its services. This led to the company reporting first half revenue growth of 29.5% to $170.7 million and a massive 61.1% jump in net profit after tax to $23.2 million.

Analysts at Goldman Sachs are confident this growth will continue and expect it to underpin dividend increases in the coming years. It is forecasting dividends per share of 11.4 cents in FY 2021, 13.9 cents in FY 2022, and 15.4 cents in FY 2023.

Based on the latest Integral Diagnostics share price of $5.07, this represents fully franked yields of 2.2%, 2.7%, and 3%, respectively.

Rural Funds Group (ASX: RFF)

Another ASX dividend share that is expected to grow its dividend in the coming years is Rural Funds.

It is the owner of a $1.4 billion portfolio of diversified agricultural assets, including almond and macadamia orchards, premium vineyards, water entitlements, cattle and cropping assets.

With Rural Funds' properties leased to high quality tenants on long term agreements with built in rental increases, management appears confident it can grow its distribution by 4% per annum.

This looks set to be the case in FY 2021 and FY 2022. Management has provided guidance for 11.28 cents per share this year and then 11.73 cents per share next year. This implies yields of 4.5% and 4.7%,respectively.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended RURALFUNDS STAPLED. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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