CLS Holdings
Website:
CLS Holdings
Index:
FTSE Small Cap
EPIC: CLI
Supersector:
Real Estate
Sector:
Real Estate Investment and Services
Subsector:
Real Estate Holding and Development
Market Cap:
£192.09M
Payout Frequency: Semi-Annual
CLS Holdings Dividend Analysis and Summary
Headline dividend details
- Declared dividend: Final 2.70p per share (FY25 total: 4.0p, down 24% vs 5.28p in FY24)
- Type: Paid entirely as a PID (UK REIT distribution)
- Coverage: 1.9x by EPRA EPS of 7.6p (policy: 1.5x–3.0x)
- Ex-dividend date: 09/04/2026
- Record date: 10/04/2026
- Payment date: 22/05/2026
- Scrip option: Proposed enhanced scrip dividend at a 5% discount to the reference price (subject to AGM approval); scrip reference price period 9–15/04/2026, election deadline 30/04/2026
- Approval: Final dividend subject to AGM on 23/04/2026
Context and recent change
- FY25 dividend cut to 4.0p (from 5.28p) to align with earnings-based policy.
- EPRA EPS fell 17.4% to 7.6p; Net rental income down 11.1% amid higher vacancy and disposals.
Sustainability and growth outlook
- Affordability: Coverage of 1.9x is within policy and indicates near-term affordability; interest cover at 1.8x and elevated LTV 50.0% constrain headroom.
- Earnings trajectory: Management flags 2026 earnings headwinds from asset disposals (£100–150m target), refinancing and redevelopment preparation. With EPRA EPS under pressure in 2026, dividend growth appears unlikely; a flat or cautiously managed payout is more probable under the coverage framework.
- Balance sheet support: Net debt reduced by £86m in 2025; cost of debt stable at 3.8%; average debt maturity 3.6 years. However, vacancy 14.5% and valuation declines limit flexibility until occupancy improves.
- Cash preservation: The optional enhanced scrip (5% discount) supports cash retention, helping fund portfolio investment while maintaining the cash dividend policy.
Structural or policy items affecting future dividends
- Enhanced scrip dividend proposal for the final dividend (AGM approval required) could reduce cash outflow; if widely taken up, it is dilutive but supportive of balance-sheet priorities.
- Ongoing disposal programme (£100–150m in 2026) to reduce LTV toward the 35–45% target; near-term earnings dilution likely until reinvestment/lettings offset.
- Spring Gardens, Vauxhall conditional sale tied to planning (expected completion late 2026/early 2027) introduces timing risk to proceeds and interim income.
- No demergers/M&A/share consolidation disclosed.
Risks and flags to dividend stability
- Material uncertainty on going concern disclosed: reliance on timely refinancing and disposals in challenging markets.
- Elevated leverage (LTV 50%) and interest cover 1.8x leave less cushion if values or income weaken.
- Vacancy 14.5% (up from 12.7%): earnings sensitivity until letting progress reduces voids; tenant insolvencies in Germany underscore risk.
- 2026 maturities: ~£199m of debt to refinance/repay; though management cites lender discussions, execution risk remains.
- REIT PID requirement limits retained earnings, increasing dependence on scrip, disposals and financing access.
- Guidance that 2026 earnings will be impacted by disposals/refinancing/redevelopment preparation raises downside risk to payout if coverage drifts below policy range.
Read more
CLS Holdings Annual Dividend Yield - 8.21%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 10/04/2025 |
23/05/2025 |
Final |
2.68p |
GBX |
| 04/09/2025 |
02/10/2025 |
Interim |
1.30p |
GBX |
Total (Annual Dividends Per Share):
3.98p
Dividend Yield =
Annual Dividends Per Share (3.98p)
÷ Share Price (48.5p)
= 8.21%
CLS Holdings Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 09/04/2026 |
22/05/2026 |
Final |
2.7000p |
GBX |
| 04/09/2025 |
02/10/2025 |
Interim |
1.30p |
GBX |
| 10/04/2025 |
23/05/2025 |
Final |
2.68p |
GBX |
| 05/09/2024 |
02/10/2024 |
Interim |
2.60p |
GBX |
| 21/03/2024 |
02/05/2024 |
Final |
5.35p |
GBX |
| 07/09/2023 |
03/10/2023 |
Interim |
2.60p |
GBX |
| 23/03/2023 |
02/05/2023 |
Final |
5.35p |
GBX |
| 08/09/2022 |
03/10/2022 |
Interim |
2.60p |
GBX |
| 24/03/2022 |
29/04/2022 |
Final |
5.35p |
GBX |
| 19/08/2021 |
24/09/2021 |
Interim |
2.35p |
GBX |
| 25/03/2021 |
29/04/2021 |
Final |
5.20p |
GBX |
| 20/08/2020 |
25/09/2020 |
Interim |
2.35p |
GBX |
| 02/04/2020 |
29/04/2020 |
Final |
5.05p |
GBX |
| 22/08/2019 |
27/09/2019 |
Interim |
2.35p |
GBX |
| 04/04/2019 |
29/04/2019 |
Final |
4.70p |
GBX |
| 23/08/2018 |
28/09/2018 |
Interim |
2.20p |
GBX |
| 29/03/2018 |
27/04/2018 |
Final |
4.30p |
GBX |
| 24/08/2017 |
29/09/2017 |
Interim |
2.05p |
GBX |
| 16/03/2017 |
28/04/2017 |
Final |
40.0p |
GBX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
2.600 |
|
GBX |
2.600 |
-67.290 |
| 2023 |
2.600 |
5.350 |
GBX |
7.950 |
0.000 |
| 2022 |
2.600 |
5.350 |
GBX |
7.950 |
3.240 |
| 2021 |
2.350 |
5.350 |
GBX |
7.700 |
-38.880 |
| 2020 |
2.350 |
10.250 |
GBX |
12.600 |
78.720 |
| 2019 |
2.350 |
4.700 |
GBX |
7.050 |
220.450 |
| 2018 |
2.200 |
|
GBX |
2.200 |
-65.350 |
| 2017 |
2.050 |
4.300 |
GBX |
6.350 |
-84.120 |
| 2016 |
|
40.000 |
GBX |
40.000 |
|
CLS Holdings Dividend Calculator
CLS Holdings Dividend Growth
| Dividend Growth (1Y) |
-24.24%
|
| Dividend CAGR (5Y) |
-11.93%
|
| Years of Growth |
–
|
| Payout Ratio |
–
|
| Buyback Yield |
-0.17%
|
| Shareholder Yield |
7.99%
|
| P/E Ratio (TTM) | – |
|---|
| Forward P/E | 7.06 |
|---|
| P/FCF | – |
|---|
| Earnings Yield | -26.19% |
|---|
| FCF Yield | – |
|---|
| ROE | -6.59% |
|---|
| ROCE | 4.46% |
|---|
| Profit Margin | -36.01% |
|---|
| Operating Margin | 48.39% |
|---|
| Gross Margin | 72.51% |
|---|