Facilities By ADF
Website:
Facilities By ADF
Index:
AIM
EPIC: ADF
Supersector:
Travel and Leisure
Sector:
Travel and Leisure
Subsector:
Recreational Services
Market Cap:
£17.79M
Payout Frequency: Semi-Annual
Next Facilities By ADF Dividend
Facilities By ADF next goes ex-dividend on 08/01/2026. This will be the Interim dividend for 2026.
The dividend per share amount is 0.30p (GBP) and the payment date is 30/01/2026.
Facilities By ADF Dividend Analysis and Summary
Declared Dividend
- Type: Interim dividend
- Amount: 0.3 pence per share (vs 0.5p prior interim)
- Ex-dividend date: 08/01/2026
- Record date: 09/01/2026
- Payment date: 30/01/2026
- Estimated cash cost: ~£0.323m
- Policy: Board reiterates a progressive dividend policy and “intends to pay an increased final dividend” subject to H2 performance
- Recent history: FY24 total dividend 1.0p (final 0.5p paid 13 Aug 2025)
Coverage and Cash Flow Support
- H1-FY25 EPS: -1.04p (loss-making) — interim dividend is not covered by earnings
- H1 Adjusted EBITDA: £2.18m; interim dividend cash outlay (~£0.32m) is c.15% of H1 Adjusted EBITDA
- Net debt (ex-IFRS 16) at 30 Jun 2025: £13.2m (improved from £13.8m); cash £1.4m; undrawn overdraft £1.0m
- Company guidance: expects to be cash generative in FY25; utilisation and momentum improved into H2
Analyst View: Sustainability and Growth
- Sustainability: The reduced interim (0.3p) is modest in cash terms and appears manageable against EBITDA and expected H2 cash generation. However, negative EPS, thin cash, and elevated finance/lease costs temper confidence. Near-term sustainability is acceptable if H2 trading and cash conversion deliver as guided.
- Growth trajectory: The interim is down vs last year (0.5p), but the Board signals an “increased final dividend.” A progressive policy is credible only if the normalisation in production activity sustains into FY26; otherwise, total FY25 dividend may remain below FY24.
- Support from financial performance: H1 saw margin pressure, lower Adjusted EBITDA and a statutory loss. Management actions (cost discipline, fleet decommissioning, limited capex) help liquidity, but stronger H2 execution is needed to underpin any final dividend uplift.
- Capital allocation: Capex curtailed (mostly Autotrak panels financed via HP), net debt edged down, and the Group may dispose of assets to optimise the fleet. These moves support near-term dividends but must be balanced against lease/HP obligations and contingent consideration.
Structural Changes and Policy Signals
- M&A/integration: Continued integration of Autotrak (acquired Sep-24); contingent consideration of £6.65m outstanding may absorb cash over time.
- Operational footprint: ~20% of core fleet placed in temporary storage to cut maintenance; exploring selective disposals.
- Leadership changes: CEO stepped down (Jul-25); Executive Chairman in place; CFO leaving 31 Oct 2025. Governance stable per Board, but transitions bear watching for capital allocation consistency.
- Dividend policy: Board reaffirms a progressive policy with intent to raise the final dividend, contingent on H2 performance.
Key Risks and Flags for Dividend Stability
- Industry volatility: HETV/film production timing and budgets remain uncertain; shorter lead times increase planning risk.
- Margin pressure and cost inflation: Higher employer NI and National Living Wage, plus competitive pricing, weighed on H1 margins.
- Leverage and fixed charges: Significant lease liabilities of ~£25.0m and HP interest; net finance expense rose to £0.97m in H1.
- Liquidity: Cash of £1.4m at period end (undrawn £1.0m overdraft available); careful cash management required around working capital swings.
- Customer concentration: Top five customers accounted for ~69% of H1 revenue.
- Contingent consideration: Autotrak earn-out accrual and associated interest (~£0.19m in H1) could constrain future free cash flow.
- Management turnover: CEO and CFO changes introduce execution risk during a recovery phase.
Read more
Facilities By ADF Annual Dividend Yield - 8.56%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 04/07/2024 |
19/07/2024 |
Final |
0.90p |
GBX |
| 03/10/2024 |
25/10/2024 |
Interim |
0.50p |
GBX |
Total (Annual Dividends Per Share):
1.40p
Dividend Yield =
Annual Dividends Per Share (1.40p)
÷ Share Price (16.35p)
= 8.56%
Facilities By ADF Dividend History
| Ex Dividend Date | Payment Date | Type | Amount | Currency |
| 08/01/2026 | 30/01/2026 | Interim | 0.30p | GBX |
| 24/07/2025 | 13/08/2025 | Final | 0.90p | GBX |
| 03/10/2024 | 25/10/2024 | Interim | 0.50p | GBX |
| 04/07/2024 | 19/07/2024 | Final | 0.90p | GBX |
| 05/10/2023 | 27/10/2023 | Interim | 0.50p | GBX |
| 15/06/2023 | 30/06/2023 | Final | 0.90p | GBX |
| 13/10/2022 | 30/10/2022 | Interim | 0.46p | GBX |
| Year | Interim | Final | Currency | Total | Change (%) |
| 2024 | 0.500 | 0.900 | GBX | 1.400 | 0.00 |
| 2023 | 0.500 | 0.900 | GBX | 1.400 | 204.34 |
| 2022 | 0.460 | | GBX | 0.460 | |
Facilities By ADF Dividend Calculator
Facilities By ADF Dividend Growth
| Dividend Growth (1Y) |
–
|
| Dividend CAGR (5Y) |
–
|
| Years of Growth |
–
|
| Payout Ratio |
–
|
| Buyback Yield |
-27.65%
|
| Shareholder Yield |
-20.38%
|
Facilities By ADF Valuation & Profitability
| P/E Ratio (TTM) |
–
|
| Forward P/E |
–
|
| P/FCF |
1.66
|
| Earnings Yield |
-20.04%
|
| FCF Yield |
60.39%
|
| ROE |
-12.68%
|
| ROCE |
1.21%
|
| Profit Margin |
-9.54%
|
| Operating Margin |
1.98%
|
| Gross Margin |
35.42%
|