Gattaca

Website: Gattaca
Index: Main Market
EPIC: GATC
Supersector: Industrial Goods and Services
Sector: Support Services
Subsector: Business Training and Employment Agencies
Market Cap: £34.59M
Payout Frequency: Semi-Annual

Next Gattaca Dividend

Gattaca next goes ex-dividend on 02/04/2026. This will be the Interim dividend for 2026.

The dividend per share amount is 1.3300p (GBP) and the payment date is 15/05/2026.

Dividend declaration and timetable

Interim dividend: 1.33 pence per share (up 33% YoY from 1.0p)
Ex-dividend date: 02/04/2026 (derived from record date; markets closed 3–6 April for Easter)
Record date: 07/04/2026
Payment date: 15/05/2026
Cash cost: c. £0.41m (based on shares in issue excluding treasury)

Payout policy and guidance context

Board intends to maintain a dividend equivalent to 50% of post-tax profit through the medium term, with flexibility to support M&A; alternative capital returns also under consideration.
FY26 guidance for continuing underlying PBT: £4.5m; with a c.30% tax rate, indicative PAT ~£3.1–£3.2m. Policy implies headroom for a full-year payout materially above the interim (directionally consistent with a total DPS around half of FY26 EPS, subject to delivery and capital priorities).

Earnings and cash cover

H1 underlying EPS: 6.9p; coverage of interim DPS: ~5.2x
H1 statutory EPS: 5.6p; coverage: ~4.2x
Net cash: £13.0m at 31 Jan 2026; proposed interim dividend (£0.41m) is ~3% of net cash
Operating cash flow (H1): £1.0m, despite working-capital absorption from contractor growth; £50m invoice financing facility with £24.8m headroom

Dividend sustainability and growth

Sustainability: Interim DPS is modest versus earnings and cash, well covered by both H1 profits and liquidity. Net cash position and facility headroom provide additional buffer.
Growth trajectory: Interim DPS up 33% YoY reflects improving profitability (H1 underlying PBT £3.0m vs £1.0m). With policy targeting 50% payout of post-tax profit and FY26 guidance intact, there is scope for a higher full-year DPS versus FY25 (3.0p), assuming delivery and unchanged priorities.
Capital allocation support: Management prioritises organic investment and selective bolt-ons while keeping dividends at ~50% payout through the cycle; recent treasury share purchases (£320k) show willingness to use other return mechanisms alongside dividends.

Operational/financial backdrop

H1 trading improved: NFI +13%, underlying PBT £3.0m, operating profit £2.6m; sector strength in Defence (+29%) and Energy (+13%).
Working capital absorbed as contractor numbers increased; DSO rose to 47 days (seasonal), but balance sheet remains strong.

Structural changes and items relevant to future dividends

Acquisition: InfoSec People (Aug 2025) integrated; contingent consideration of £423k over four years. Bolt-on M&A screening continues, which could temporarily flex payout per policy.
Brand consolidation: recruitment brands unified under Matchtech, aimed at efficiency and growth.
Entity simplification continues; one entity removed, three in process—supports lower overheads over time.
Treasury share activity: ongoing purchases/issuance linked to LTIP; Board open to “alternative methods” of capital return.

Risks and flags to dividend stability

Market mix: Permanent recruitment remains subdued; SoW margins compressed (Gattaca Projects margin 11.9% vs 19.9% YoY). Sustained weakness could moderate near-term earnings growth.
Working capital sensitivity: Higher contractor activity increases receivables; DSO drift is a watchpoint, though facility headroom is ample.
Customer concentration: One Defence customer at 11.1% of revenue in H1—some concentration risk.
Regulatory/tax uncertainty: Ongoing cooperation with the US DOJ; certain non-UK tax filings outstanding—potential for penalties/interest (unquantified).
M&A flexibility: Policy allows payout to be flexed to fund acquisitions, which could constrain dividend growth in deal periods.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
10/04/2025	14/05/2025	Interim	1.00p	GBX
30/10/2025	12/12/2025	Final	2.0000p	GBX

Total (Annual Dividends Per Share): 3.00p

Dividend Yield = Annual Dividends Per Share (3.00p) ÷ Share Price (113.5p) = 2.64%

Ex Dividend Date	Payment Date	Type	Amount	Currency
02/04/2026	15/05/2026	Interim	1.3300p	GBX
30/10/2025	12/12/2025	Final	2.0000p	GBX
10/04/2025	14/05/2025	Interim	1.00p	GBX
31/10/2024	13/12/2024	Final	2.50p	GBX
02/11/2023	15/12/2023	Special	2.50p	GBX
02/11/2023	15/12/2023	Final	2.50p	GBX
11/11/2021	17/12/2021	Final	1.50p	GBX
24/05/2018	22/06/2018	Interim	3.00p	GBX
21/12/2017	19/01/2018	Final	17.00p	GBX
25/05/2017	16/06/2017	Interim	6.00p	GBX
17/11/2016	16/12/2016	Final	17.00p	GBX
26/05/2016	17/06/2016	Interim	6.00p	GBX
12/11/2015	11/12/2015	Final	16.32p	GBX
28/05/2015	19/06/2015	Interim	5.68p	GBX
06/11/2014	05/12/2014	Final	14.59p	GBX
28/05/2014	20/06/2014	Interim	5.41p	GBX
06/11/2013	06/12/2013	Final	12.85p	GBX
29/05/2013	21/06/2013	Interim	5.15p	GBX

Year	Interim	Final	Special	Currency	Total	Change
2024		2.500		GBX	2.500	-50.000
2023		2.500	2.500	GBX	5.000	233.330
2021		1.500		GBX	1.500	-50.000
2018	3.000			GBX	3.000	-86.950
2017	6.000	17.000		GBX	23.000	0.000
2016	6.000	17.000		GBX	23.000	4.540
2015	5.680	16.320		GBX	22.000	10.000
2014	5.410	14.590		GBX	20.000	11.110
2013	5.150	12.850		GBX	18.000

Number of Shares:

Payment	Paid	Amount
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