Cake Box Holdings
Website:
Cake Box Holdings
Index:
AIM
EPIC: CBOX
Supersector:
Retail
Sector:
Food and Drug Retailers
Subsector:
Food Retailers and Wholesalers
Market Cap:
£90.86M
Payout Frequency: Semi-Annual
Cake Box Holdings Dividend Analysis and Summary
Declared Dividend
- Type: Interim dividend
- Amount: 3.60p per share (up 5.9% YoY from 3.40p)
- Ex-dividend date: 04/12/2025
- Record date: 05/12/2025
- Payment date: 19/12/2025
- Shares in issue: 44.0m; indicative cash cost ~£1.58m
- Policy: Progressive; Board reiterates confidence in sustainable, cash-backed earnings and long-term dividend progression
Earnings/Cash Coverage
- H1 FY26 basic EPS: 4.40p; underlying EPS: 4.58p
- Interim dividend cover (H1 basis): ~1.22x on reported EPS; ~1.27x on underlying EPS (noting H2 is seasonally stronger)
- H1 free cash flow: £0.8m vs interim cash outflow of ~£1.58m (timing offset; H2 typically cash-generative)
- Net debt at period end: £11.6m (vs net cash prior year); finance expense £0.73m in H1
- Underlying EBITDA: £4.6m (+33% YoY); EBITDA interest cover ~6x; ND/EBITDA (annualised) ~1.3x — moderate leverage
- Cash at period end: £2.7m (after FY25 final dividend £3.0m and loan service £1.8m)
Analysis: Sustainability and Growth
- Growth trajectory: The 5.9% interim increase is supported by strong top-line momentum (revenue +53.5%) and LFL growth (+6.3%). However, H1 EPS fell (reported -15.1%, underlying -11.5%) due to higher interest and dilution from the March 2025 equity raise. Dividend growth is currently outpacing per-share earnings.
- Sustainability: Underlying EBITDA growth, positive FCF, and seasonally stronger H2 provide headroom for the interim. Interest costs are rising, but leverage remains moderate; guidance points to higher H2 revenues and profits, which should improve full-year dividend cover.
- Capital allocation support: Ongoing investment (digital, store roll-out) and integration-driven efficiencies at Ambala should aid cash generation over time. That said, increased debt and planned capex will compete for cash, tempering the pace of dividend growth beyond “progressive.”
Structural Changes and Capital Allocation Impacts
- Ambala acquisition (Mar-2025): Now contributing revenue and EBITDA; also increases debt and finance costs. Integration progressing; H2 expected to be stronger (Diwali/Eid seasonality).
- Equity raise (£7.2m, Mar-2025): Shares in issue increased to 44m, diluting EPS and affecting dividend cover metrics.
- Bradford warehouse project (~£5m FY26–FY28): To be funded from existing cash resources; supports growth but is a cash call that may constrain discretionary distributions.
Risks and Flags to Dividend Stability
- Higher leverage and interest: Net debt £11.6m and H1 finance costs up materially; reduces headroom if trading slows.
- Cover and cash timing: H1 FCF (£0.8m) below interim cash outflow (~£1.58m); relies on H2 seasonal uplift to comfortably cover distributions.
- EPS pressure: EPS down YoY despite EBITDA growth; raises the payout ratio on an H1 basis.
- Macro/consumer risk: Discretionary spend exposure in a challenging environment.
- Integration/seasonality risk at Ambala (importance of Diwali/Eid to profitability).
- Accounting restatements related to the acquisition (non-cash) — minor governance/complexity watchpoint.
Read more
Cake Box Holdings Annual Dividend Yield - 5.08%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 07/08/2025 |
05/09/2025 |
Final |
6.80p |
GBX |
| 04/12/2025 |
19/12/2025 |
Interim |
3.6000p |
GBX |
Total (Annual Dividends Per Share):
10.40p
Dividend Yield =
Annual Dividends Per Share (10.40p)
÷ Share Price (204.75p)
= 5.08%
Cake Box Holdings Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 04/12/2025 |
19/12/2025 |
Interim |
3.6000p |
GBX |
| 07/08/2025 |
05/09/2025 |
Final |
6.80p |
GBX |
| 21/11/2024 |
12/12/2024 |
Interim |
3.40p |
GBX |
| 11/07/2024 |
06/08/2024 |
Final |
6.10p |
GBX |
| 23/11/2023 |
15/12/2023 |
Interim |
2.90p |
GBX |
| 27/07/2023 |
29/08/2023 |
Final |
5.50p |
GBX |
| 17/11/2022 |
09/12/2022 |
Interim |
2.62p |
GBX |
| 25/08/2022 |
27/09/2022 |
Final |
5.10p |
GBX |
| 18/11/2021 |
10/12/2021 |
Interim |
2.50p |
GBX |
| 15/07/2021 |
13/08/2021 |
Final |
3.70p |
GBX |
| 03/12/2020 |
23/12/2020 |
Interim |
1.85p |
GBX |
| 08/10/2020 |
23/10/2020 |
Special |
3.20p |
GBX |
| 05/12/2019 |
20/12/2019 |
Interim |
1.60p |
GBX |
| 04/07/2019 |
02/08/2019 |
Final |
2.40p |
GBX |
| 06/12/2018 |
20/12/2018 |
Interim |
1.20p |
GBX |
| Year |
Interim |
Final |
Special |
Currency |
Total |
Change |
| 2024 |
3.400 |
6.100 |
|
GBX |
9.500 |
13.090 |
| 2023 |
2.900 |
5.500 |
|
GBX |
8.400 |
8.800 |
| 2022 |
2.620 |
5.100 |
|
GBX |
7.720 |
24.510 |
| 2021 |
2.500 |
3.700 |
|
GBX |
6.200 |
22.770 |
| 2020 |
1.850 |
|
3.200 |
GBX |
5.050 |
26.250 |
| 2019 |
1.600 |
2.400 |
|
GBX |
4.000 |
233.330 |
| 2018 |
1.200 |
|
|
GBX |
1.200 |
|
Cake Box Holdings Dividend Calculator
Cake Box Holdings Dividend Growth
| Dividend Growth (1Y) |
9.47%
|
| Dividend CAGR (5Y) |
15.54%
|
| Years of Growth |
7
|
| Payout Ratio |
102.71%
|
| Buyback Yield |
-4.39%
|
| Shareholder Yield |
0.55%
|
| P/E Ratio (TTM) | 21 |
|---|
| Forward P/E | 14.24 |
|---|
| P/FCF | 17.94 |
|---|
| Earnings Yield | 4.66% |
|---|
| FCF Yield | 5.57% |
|---|
| ROE | 18.88% |
|---|
| ROCE | 17.03% |
|---|
| Profit Margin | 8.02% |
|---|
| Operating Margin | 15.02% |
|---|
| Gross Margin | 53% |
|---|