Marshalls

Website: Marshalls
Index: FTSE 250
EPIC: MSLH
Supersector: Construction and Materials
Sector: Construction and Materials
Subsector: Building Materials and Fixtures
Market Cap: £366.8M
Payout Frequency: Semi-Annual

Next Marshalls Dividend

Marshalls next goes ex-dividend on 04/06/2026. This will be the Final dividend for 2026.

The dividend per share amount is 4.5000p (GBP) and the payment date is 01/07/2026.

Key Dividend Details

Proposed final dividend: 4.5p per share (FY24: 5.4p; -17% y/y)
Interim dividend: 2.2p; Proposed total FY25 dividend: 6.7p (FY24: 8.0p; -16% y/y)
Dividend policy: c.2x cover by adjusted earnings; FY25 adjusted EPS 13.4p ? cover ~2.0x (payout ~50%)
Ex-dividend date: 04/06/2026
Record date: 05/06/2026
Payment date: 01/07/2026
Subject to approval at the AGM on 13/05/2026

Dividend Sustainability and Growth Outlook

Coverage and cash: The reduced payout restores policy alignment (~2.0x cover). Cash generation remains solid with 88% adjusted operating cash flow conversion and disciplined working capital.
Balance sheet and funding: Pre-IFRS 16 net debt £137.9m, leverage 1.8x pre-IFRS 16 EBITDA; £270m facility refinanced to 2029 with £125m undrawn headroom. Pension in surplus (£24.9m)—no funding drain.
Earnings trajectory: FY25 adjusted EPS declined 16%; Landscaping margins weak (0.2%). Management expects medium-term profit improvement supported by the "Transform & Grow" plan and £11m annualised cost savings by end-2026, plus Water Management exposure to AMP8. Near-term, Viridian Solar growth moderates in 2026. Overall, the current dividend level looks maintainable; scope for growth depends on delivery of margin recovery and market stabilisation.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
05/06/2025	01/07/2025	Final	5.40p	GBX
23/10/2025	01/12/2025	Interim	2.20p	GBX

Total (Annual Dividends Per Share): 7.60p

Dividend Yield = Annual Dividends Per Share (7.60p) ÷ Share Price (145.6p) = 5.22%

Ex Dividend Date	Payment Date	Type	Amount	Currency
04/06/2026	01/07/2026	Final	4.5000p	GBX
23/10/2025	01/12/2025	Interim	2.20p	GBX
05/06/2025	01/07/2025	Final	5.40p	GBX
24/10/2024	02/12/2024	Interim	2.60p	GBX
06/06/2024	01/07/2024	Final	5.70p	GBX
19/10/2023	01/12/2023	Interim	2.60p	GBX
01/06/2023	03/07/2023	Final	9.90p	GBX
20/10/2022	01/12/2022	Interim	5.70p	GBX
09/06/2022	01/07/2022	Final	9.60p	GBX
21/10/2021	01/12/2021	Interim	4.70p	GBX
03/06/2021	01/07/2021	Final	4.30p	GBX
04/06/2020	30/06/2020	Special	4.00p	GBX
04/06/2020	30/06/2020	Final	9.65p	GBX
17/10/2019	04/12/2019	Interim	4.70p	GBX
06/06/2019	28/06/2019	Special	4.00p	GBX
06/06/2019	28/06/2019	Final	8.00p	GBX
18/10/2018	05/12/2018	Interim	4.00p	GBX
07/06/2018	29/06/2018	Special	4.00p	GBX
07/06/2018	29/06/2018	Final	6.80p	GBX
19/10/2017	06/12/2017	Interim	3.40p	GBX
15/06/2017	30/06/2017	Special	3.00p	GBX
15/06/2017	30/06/2017	Final	5.80p	GBX
20/10/2016	02/12/2016	Interim	2.90p	GBX
02/06/2016	08/07/2016	Special	2.00p	GBX
02/06/2016	08/07/2016	Final	4.75p	GBX
22/10/2015	04/12/2015	Interim	2.25p	GBX
04/06/2015	03/07/2015	Final	4.00p	GBX
23/10/2014	05/12/2014	Interim	2.00p	GBX
04/06/2014	04/07/2014	Final	3.50p	GBX
23/10/2013	06/12/2013	Interim	1.75p	GBX

Year	Interim	Final	Special	Currency	Total	Change
2024	2.600	5.700		GBX	8.300	-33.600
2023	2.600	9.900		GBX	12.500	-18.300
2022	5.700	9.600		GBX	15.300	70.000
2021	4.700	4.300		GBX	9.000	-34.060
2020		9.650	4.000	GBX	13.650	-18.260
2019	4.700	8.000	4.000	GBX	16.700	12.830
2018	4.000	6.800	4.000	GBX	14.800	21.310
2017	3.400	5.800	3.000	GBX	12.200	26.420
2016	2.900	4.750	2.000	GBX	9.650	54.400
2015	2.250	4.000		GBX	6.250	13.630
2014	2.000	3.500		GBX	5.500	214.280
2013	1.750			GBX	1.750

Number of Shares:

Payment	Paid	Amount
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