Diales
Website:
Diales
Index:
AIM
EPIC: DIAL
Supersector:
Industrial Goods and Services
Sector:
Industrial Support Services
Subsector:
Professional Business Support Services
Market Cap:
£12.91M
Payout Frequency: Semi-Annual
Diales Dividend Analysis and Summary
Dividend details
- Final dividend declared: 0.75p per share (subject to AGM approval)
- FY25 total dividend: 1.5p per share (unchanged year-on-year)
- Interim dividend: 0.75p per share paid in October 2025
- Ex-dividend date: 26/02/2026
- Record date: 27/02/2026
- Payment date: 09/04/2026
- Currency: GBP
Coverage and affordability
- Reported EPS (total): 1.3p vs DPS 1.5p ? cover c.0.9x
- EPS from continuing operations: 1.7p ? cover c.1.1x
- Underlying EPS: 2.0p ? cover c.1.3x
- Operating cash flow (post tax/WC): £0.4m vs dividends paid £0.8m ? not covered by FY25 free cash flow
- Year-end net cash: £3.0m (no debt; £1m undrawn overdraft)
- Distributable reserves: £2.4m
Context from results
- Revenue flat at £43.0m; underlying operating profit up 17% to £1.4m
- Gross margin improved to 27.0% (from 25.6%)
- Profit for the year: £0.7m (after £0.2m loss from discontinued ops)
- Shareholder returns in FY25: £0.8m dividends and £0.2m buybacks
Structural or policy-related items
- Ongoing share buyback programme (~£0.25m launched June 2024; £0.1m extension in March 2025; £0.2m spent in FY25); Board may allocate further cash
- Operational reshaping: closure of US office completed; continued “hub-and-spoke” model and tech investment to drive margins
- Board changes: new Chair (Sept 2025) and new NED (Nov 2025) – no direct change to dividend policy signalled
Risks and flags for dividend stability
- Thin dividend cover on a reported basis (DPS exceeds total EPS) and limited free cash flow coverage in FY25
- Working capital sensitivity: collections critical; receivables impairment provision remains elevated (£1.7m)
- Regional variability: APAC weakness and UK housing slowdown; ongoing impact of higher UK employer NICs
- Discontinued operations losses reduced but still present; continued rationalisation needed
- Liquidity adequate but not abundant: £3.0m net cash and £1m overdraft; buybacks, if increased, could compete with dividends for cash
Analyst view: sustainability and trajectory
- Maintenance of the full-year 1.5p dividend appears supported by improving underlying earnings and margin progress, but cover is tight on a reported basis and free cash flow did not cover FY25 distributions.
- Underlying EPS cover (~1.3x) and £2.4m distributable reserves provide some buffer; ongoing net cash position is a positive.
- Near-term sustainability hinges on continued margin expansion, disciplined cash collection, and stable utilisation. Management’s tech-enabled efficiency drive and solid H2 momentum support maintaining the dividend, with limited near-term scope for growth until free cash flow consistently exceeds distributions.
Read more
Diales Annual Dividend Yield - 6.12%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 27/02/2025 |
10/04/2025 |
Final |
0.75p |
GBX |
| 18/09/2025 |
24/10/2025 |
Interim |
0.75p |
GBX |
Total (Annual Dividends Per Share):
1.50p
Dividend Yield =
Annual Dividends Per Share (1.50p)
÷ Share Price (24.5p)
= 6.12%
Diales Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 26/02/2026 |
09/04/2026 |
Final |
0.7500p |
GBX |
| 18/09/2025 |
24/10/2025 |
Interim |
0.75p |
GBX |
| 27/02/2025 |
10/04/2025 |
Final |
0.75p |
GBX |
| 19/09/2024 |
25/10/2024 |
Interim |
0.75p |
GBX |
| 29/02/2024 |
11/04/2024 |
Final |
0.75p |
GBX |
| 21/09/2023 |
27/10/2023 |
Interim |
0.75p |
GBX |
| 02/03/2023 |
13/04/2023 |
Final |
0.75p |
GBX |
| 22/09/2022 |
27/10/2022 |
Interim |
0.75p |
GBX |
| 24/02/2022 |
06/04/2022 |
Final |
0.75p |
GBX |
| 23/09/2021 |
27/10/2021 |
Interim |
0.75p |
GBX |
| 18/02/2021 |
23/03/2021 |
Final |
0.75p |
GBX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
0.750 |
0.750 |
GBX |
1.500 |
0.000 |
| 2023 |
0.750 |
0.750 |
GBX |
1.500 |
0.000 |
| 2022 |
0.750 |
0.750 |
GBX |
1.500 |
0.000 |
| 2021 |
0.750 |
0.750 |
GBX |
1.500 |
100.000 |
| 2020 |
|
0.750 |
GBX |
0.750 |
|
Diales Dividend Calculator
Diales Dividend Growth
| Dividend Growth (1Y) |
–
|
| Dividend CAGR (5Y) |
14.87%
|
| Years of Growth |
–
|
| Payout Ratio |
115.52%
|
| Buyback Yield |
1.58%
|
| Shareholder Yield |
7.7%
|
| P/E Ratio (TTM) | 14.41 |
|---|
| Forward P/E | 12.89 |
|---|
| P/FCF | 60.06 |
|---|
| Earnings Yield | 5.29% |
|---|
| FCF Yield | 1.67% |
|---|
| ROE | 6.48% |
|---|
| ROCE | 11.49% |
|---|
| Profit Margin | 1.59% |
|---|
| Operating Margin | 3.89% |
|---|
| Gross Margin | 27.89% |
|---|