FDM Group Holdings

FDM Group Holdings Dividend Analysis and Summary

• Final dividend declared: 4.0 pence per share (subject to AGM approval on 21/05/2026).
• Total FY2025 dividend: 10.0 pence per share (FY2024: 22.5p; down 56%).
• Interim dividend already paid: 6.0 pence per share on 14/11/2025.
• Record date: 05/06/2026; derived ex-dividend date: 04/06/2026.
• Payment date: 26/06/2026.
• Estimated cash cost of final dividend: ~£4.34m (based on 109.73m shares).
• Balance sheet support: year-end cash £35.3m; no debt; distributable reserves £23.3m.

• Earnings cover (statutory): FY2025 basic EPS 5.2p vs DPS 10.0p ? cover ~0.5x (not covered by statutory earnings).
• Earnings cover (adjusted): adjusted basic EPS 10.0p vs DPS 10.0p ? cover ~1.0x (at the floor of comfort).
• Cash flow: Operating cash flow £20.8m covered total dividends paid in 2025 (£20.3m), but cash conversion was flattered by working capital and non-cash impairment add-backs.
• Profitability pressure: Revenue down 31%; adjusted operating profit down 59%; PBT down 73%. This constrains headroom for dividend growth.
• Reserves capacity: At a 10p annual DPS (~£11.0m cash outlay), distributable reserves of £23.3m provide a limited multi-year buffer if profits do not recover.