Card Factory
Website:
Card Factory
Index:
FTSE Small Cap
EPIC: CARD
Supersector:
Retail
Sector:
General Retailers
Subsector:
Specialty Retail
Market Cap:
£281
Payout Frequency: Semi-Annual
Card Factory Dividend Analysis and Summary
Headline dividend details
- Dividend declared: Interim dividend of 1.4p per share (HY26: 1.3p; +7.7% y/y)
- Record date: 06/11/2026
- Ex-dividend date (derived as one business day before record date): 05/11/2026
- Payment date: 11/12/2026
- Previous full-year dividend (FY26): 5.0p per share (final 3.7p + interim 1.3p)
- Dividend policy: Progressive ordinary dividend with target cover of 2–3x Adjusted EPS
- Cover on H1 basis: Adjusted EPS 2.9p vs interim 1.4p (~2.1x cover)
Sustainability and coverage
- Earnings support: H1 Adjusted PBT £12.7m (broadly flat y/y) and Adjusted EPS 2.9p comfortably cover the interim payout.
- Cash generation: H1 Adjusted Free Cash Flow £0.8m (improved from -£6.3m y/y) despite seasonal H1 outflows; operating cash flow £41.1m.
- Balance sheet: Net debt (ex-leases) £87.4m; Adjusted leverage 1.1x (within 1.5x target). Undrawn committed facilities £51.8m.
- Guidance: Board remains confident in FY27 expectations (consensus Adj. PBT avg. £56.7m), with H2-weighted delivery.
- Capital returns: Ongoing £15m buyback (83% complete), plus intention for a further £3m buyback to treasury for employee schemes, supporting per-share metrics alongside dividends.
Dividend growth trajectory
- Interim increased +7.7% y/y to 1.4p, consistent with the “progressive” policy.
- With H2 typically stronger (“Golden Quarter”), scope exists to maintain or modestly grow the full-year dividend from the FY26 base of 5.0p, subject to peak-season trading and cash needs.
Financial and capital allocation context
- Margin and mix: Product margin up +180bps constant currency; store profitability improved despite LFL pressure.
- Investment: Continued spend in digital and international to drive medium-term growth; Funky Pigeon integration on track with expected £5m synergies from FY28.
- Policy reaffirmed: Ordinary dividend covered 2–3x Adjusted EPS; leverage kept =1.5x; total shareholder returns not to exceed free cash generation.
Structural changes and events relevant to future dividends
- M&A integration: Funky Pigeon (acquired Aug-2025) integration progressing; synergy capture from FY28 could enhance future dividend capacity.
- Share buybacks: £15m cancellation programme (in flight) plus planned £3m treasury purchases mitigate dilution and bolster per-share dividends.
- Financing: RCF to Nov 2028 with option requested to extend to Nov 2029, preserving liquidity to sustain distributions.
Risks and flags for dividend stability
- Trading sensitivity: UK consumer backdrop remains uncertain; H1 store LFL -2.0%, making H2 performance (Christmas) pivotal.
- Digital drag near-term: Digital Adjusted EBITDA negative in H1 as integration and brand investment continue; synergies only from FY28.
- Leverage and cash needs: Net debt higher y/y and ongoing capex (upper end of £20–25m guidance in FY27) must be funded alongside distributions.
- FX exposure: ~50% USD-sourced goods; hedged but still a factor for margins and cash.
- One-off liabilities: £2.1m Covid-related support provision remains outstanding and classified current; potential cash outflow timing to watch.
Read more
Card Factory Annual Dividend Yield - 6%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 28/05/2026 |
03/07/2026 |
Final |
3.7000p |
GBX |
| 05/11/2026 |
11/12/2026 |
Interim |
1.4000p |
GBX |
Total (Annual Dividends Per Share):
5.10p
Dividend Yield =
Annual Dividends Per Share (5.10p)
÷ Share Price (85p)
= 6%
Card Factory Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 05/11/2026 |
11/12/2026 |
Interim |
1.4000p |
GBX |
| 28/05/2026 |
03/07/2026 |
Final |
3.7000p |
GBX |
| 06/11/2025 |
12/12/2025 |
Interim |
1.3000p |
GBX |
| 29/05/2025 |
27/06/2025 |
Final |
3.60p |
GBX |
| 31/10/2024 |
11/12/2024 |
Interim |
1.20p |
GBX |
| 30/05/2024 |
28/06/2024 |
Final |
4.50p |
GBX |
| 09/05/2019 |
18/06/2019 |
Final |
6.40p |
GBX |
| 08/11/2018 |
14/12/2018 |
Interim |
2.90p |
GBX |
| 08/11/2018 |
14/12/2018 |
Special |
5.00p |
GBX |
| 03/05/2018 |
08/06/2018 |
Final |
6.40p |
GBX |
| 09/11/2017 |
15/12/2017 |
Interim |
2.90p |
GBX |
| 09/11/2017 |
15/12/2017 |
Special |
15.00p |
GBX |
| 04/05/2017 |
09/06/2017 |
Final |
6.30p |
GBX |
| 20/10/2016 |
25/11/2016 |
Interim |
2.80p |
GBX |
| 20/10/2016 |
25/11/2016 |
Special |
15.00p |
GBX |
| 05/05/2016 |
10/06/2016 |
Final |
6.00p |
GBX |
| 15/10/2015 |
27/11/2015 |
Interim |
2.50p |
GBX |
| 15/10/2015 |
27/11/2015 |
Special |
15.00p |
GBX |
| 30/04/2015 |
05/06/2015 |
Interim |
2.30p |
GBX |
| 30/04/2015 |
05/06/2015 |
Final |
4.50p |
GBX |
| Year |
Interim |
Final |
Special |
Currency |
Total |
Change |
| 2024 |
1.200 |
4.500 |
|
GBX |
5.700 |
-10.930 |
| 2019 |
|
6.400 |
|
GBX |
6.400 |
-55.240 |
| 2018 |
2.900 |
6.400 |
5.000 |
GBX |
14.300 |
-40.900 |
| 2017 |
2.900 |
6.300 |
15.000 |
GBX |
24.200 |
1.680 |
| 2016 |
2.800 |
6.000 |
15.000 |
GBX |
23.800 |
-2.050 |
| 2015 |
4.800 |
4.500 |
15.000 |
GBX |
24.300 |
|
Card Factory Dividend Calculator
Card Factory Dividend Growth
| Dividend Growth (1Y) |
4.08%
|
| Dividend CAGR (5Y) |
-18.63%
|
| Years of Growth |
–
|
| Payout Ratio |
50%
|
| Buyback Yield |
1.09%
|
| Shareholder Yield |
6.96%
|
| P/E Ratio (TTM) | 8.47 |
|---|
| Forward P/E | 6.51 |
|---|
| P/FCF | 2.55 |
|---|
| Earnings Yield | 11.81% |
|---|
| FCF Yield | 39.19% |
|---|
| ROE | 10.15% |
|---|
| ROCE | 13.44% |
|---|
| Profit Margin | 5.84% |
|---|
| Operating Margin | 12.38% |
|---|
| Gross Margin | 33.31% |
|---|