Craneware

Craneware Dividend Analysis and Summary

• Interim dividend declared: 15.0 pence per share (up +11% vs 13.5p).
• Ex-dividend date: 19/03/2026.
• Record date: 20/03/2026.
• Payment date: 16/04/2026.
• Currency: Declared in GBP; optional payment in USD if a currency election is lodged by 20/03/2026. USD amount set using the exchange rate announced on 20/03/2026 (illustrative example given: 20.25 cents at $1.35/£).

• Coverage (H1 only): Adjusted basic EPS of 58.7c (~43.5p at $1.35/£) covers the 15.0p interim by ~2.9x; statutory basic EPS of 28.6c (~21.2p) covers ~1.4x. This indicates adequate earnings cover for the interim, particularly on an adjusted basis.
• Cash and leverage: Cash and cash equivalents $71.2m (incl. $30.3m cash in transit) and low bank debt $23.4m (net cash by company measure $17.5m), plus $76m undrawn RCF and a $100m accordion facility. Balance sheet strength supports ongoing distributions.
• Cash generation: LTM operating cash conversion of 85% of adjusted EBITDA is supportive, despite a seasonal H1 dip (working-capital related). Management cites improved collections early in H2.
• Quality of revenues: High visibility from ARR of $184.2m (+4% YoY), NRR 103%, and >90% customer retention underpin dividend sustainability. Note that “Platform revenues – non-recurring” ($14.6m in H1) are not yet in ARR; conversion of these to recurring would further strengthen the base.
• Growth trajectory: The +11% interim increase signals confidence and continues a progressive trend. A planned share buyback can also enhance per-share dividend capacity over time.