Alumasc Group
Website:
Alumasc Group
Index:
AIM
EPIC: ALU
Supersector:
Construction and Materials
Sector:
Construction and Materials
Subsector:
Building Materials and Fixtures
Market Cap:
£89.9M
Payout Frequency: Semi-Annual
Alumasc Group Dividend Analysis and Summary
Dividend summary
- Interim dividend: 3.5p per share (maintained vs H1 FY25: 3.5p)
- Ex-dividend date: 19/02/2026
- Record date: 20/02/2026
- Payment date: 08/04/2026
- DRIP election deadline: 16/03/2026
- Expected cash cost: £1.257m
- Context: FY25 final dividend of 7.6p (£2.729m cash cost) was paid during H1 FY26
Analysis: sustainability and support
- Coverage: H1 FY26 underlying EPS of 8.3p implies c.2.4x cover for the 3.5p interim, despite softer H1 trading. The Board guides to a stronger H2.
- Cash generation: Operating cash conversion 91% (H1 FY25: 127%); free cash flow £1.2m with a temporary working-capital build expected to unwind in H2.
- Balance sheet: Net debt £7.7m; conservative leverage 0.5x (covenant <2.5x). Pension in £7.1m IAS19 surplus; annual cash contributions reduced to £0.7m from Sept-25, easing future cash outflows.
- Trajectory: Interim held flat; near-term growth in the dividend looks cautious but feasible if H2 delivery, order book momentum (ex-CLK +27% YoY), and cost savings (£1.1m annualised) translate into margin recovery (medium-term target 15–20%).
- Capital allocation: Continued selective capex (£1.2m in H1) and small share purchases for employee schemes; no large M&A outflows in period. Dividend appears well-supported within current leverage and cash plans.
Structural or policy developments
- CEO transition: Pamela Bingham to become CEO on 31/03/2026 (joins as CEO Designate on 2 March). No change to dividend policy signalled, but leadership change could influence future capital allocation.
- Pension de-risking: Reduced contributions and a growing surplus improve dividend headroom structurally.
- No share consolidation, demerger or M&A announced; a Dover property sale generated £0.5m cash (non-underlying).
Risks and flags to dividend stability
- End-market cyclicality: UK construction softness, affordability issues, and Building Safety Act-related project delays weighed on H1 revenue and margin.
- H2 weighting and project timing: Dependence on resumed shipments (e.g., CLK) and conversion of the enlarged order book introduces execution and timing risk.
- Cash flow sensitivity: H1 free cash flow was lower YoY; dividend outflows (final in H1, interim in H2) require expected H2 working-capital unwind and margin recovery to materialise.
- Macro/operational: Interest rates, weather impacts on construction activity, and geopolitical factors could disrupt demand or supply chains.
Read more
Alumasc Group Annual Dividend Yield - 4.48%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 20/02/2025 |
08/04/2025 |
Interim |
3.50p |
GBX |
| 25/09/2025 |
04/11/2025 |
Final |
7.60p |
GBX |
Total (Annual Dividends Per Share):
11.10p
Dividend Yield =
Annual Dividends Per Share (11.10p)
÷ Share Price (248p)
= 4.48%
Alumasc Group Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 19/02/2026 |
08/04/2026 |
Interim |
3.5000p |
GBX |
| 25/09/2025 |
04/11/2025 |
Final |
7.60p |
GBX |
| 20/02/2025 |
08/04/2025 |
Interim |
3.50p |
GBX |
| 26/09/2024 |
01/11/2024 |
Final |
7.30p |
GBX |
| 22/02/2024 |
08/04/2024 |
Interim |
3.45p |
GBX |
| 28/09/2023 |
03/11/2023 |
Final |
6.90p |
GBX |
| 23/02/2023 |
06/04/2023 |
Interim |
3.40p |
GBX |
| 29/09/2022 |
04/11/2022 |
Final |
6.65p |
GBX |
| 24/02/2022 |
06/04/2022 |
Interim |
3.35p |
GBX |
| 23/09/2021 |
29/10/2021 |
Final |
6.25p |
GBX |
| 25/02/2021 |
06/04/2021 |
Interim |
3.25p |
GBX |
| 24/09/2020 |
30/10/2020 |
Final |
2.00p |
GBX |
| 05/03/2020 |
07/04/2020 |
Interim |
2.95p |
GBX |
| 26/09/2019 |
31/10/2019 |
Final |
4.40p |
GBX |
| 28/02/2019 |
08/04/2019 |
Interim |
2.95p |
GBX |
| 04/10/2018 |
31/10/2018 |
Final |
4.40p |
GBX |
| 01/03/2018 |
06/04/2018 |
Interim |
2.95p |
GBX |
| 05/10/2017 |
31/10/2017 |
Final |
4.30p |
GBX |
| 23/02/2017 |
07/04/2017 |
Interim |
2.85p |
GBX |
| 06/10/2016 |
01/11/2016 |
Final |
3.80p |
GBX |
| 03/03/2016 |
07/04/2016 |
Interim |
2.70p |
GBX |
| 01/10/2015 |
28/10/2015 |
Final |
3.50p |
GBX |
| 05/03/2015 |
07/04/2015 |
Interim |
2.50p |
GBX |
| 09/10/2014 |
05/11/2014 |
Final |
2.80p |
GBX |
| 05/03/2014 |
08/04/2014 |
Interim |
2.20p |
GBX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
3.450 |
7.300 |
GBX |
10.750 |
4.360 |
| 2023 |
3.400 |
6.900 |
GBX |
10.300 |
3.000 |
| 2022 |
3.350 |
6.650 |
GBX |
10.000 |
5.260 |
| 2021 |
3.250 |
6.250 |
GBX |
9.500 |
91.910 |
| 2020 |
2.950 |
2.000 |
GBX |
4.950 |
-32.650 |
| 2019 |
2.950 |
4.400 |
GBX |
7.350 |
0.000 |
| 2018 |
2.950 |
4.400 |
GBX |
7.350 |
2.790 |
| 2017 |
2.850 |
4.300 |
GBX |
7.150 |
10.000 |
| 2016 |
2.700 |
3.800 |
GBX |
6.500 |
8.330 |
| 2015 |
2.500 |
3.500 |
GBX |
6.000 |
20.000 |
| 2014 |
2.200 |
2.800 |
GBX |
5.000 |
|
Alumasc Group Dividend Calculator
Alumasc Group Dividend Growth
| Dividend Growth (1Y) |
2.78%
|
| Dividend CAGR (5Y) |
16.15%
|
| Years of Growth |
5
|
| Payout Ratio |
53.04%
|
| Buyback Yield |
-0.91%
|
| Shareholder Yield |
3.53%
|
| P/E Ratio (TTM) | 12.24 |
|---|
| Forward P/E | 8.07 |
|---|
| P/FCF | 16.71 |
|---|
| Earnings Yield | 8.37% |
|---|
| FCF Yield | 5.98% |
|---|
| ROE | 18.85% |
|---|
| ROCE | 18.07% |
|---|
| Profit Margin | 7.07% |
|---|
| Operating Margin | 11.4% |
|---|
| Gross Margin | 37.28% |
|---|