Quartix Holdings

Website: Quartix Holdings
Index: AIM
EPIC: QTX
Supersector: Technology
Sector: Software and Computer Services
Subsector: Software
Market Cap: £118.65M
Payout Frequency: Semi-Annual

Next Quartix Holdings Dividend

Quartix Holdings next goes ex-dividend on 02/04/2026. This will be the Final dividend for 2026.

The dividend per share amount is 7.5000p (GBP) and the payment date is 30/04/2026.

Key Dividend Details

Dividend type: Final dividend for FY2025
Amount: 7.50p per share (interim paid: 2.50p; total FY2025: 10.00p)
Ex-dividend date: 02/04/2026
Record date: 07/04/2026
Payment date: 30/04/2026
Indicated yield: 3.6% on 2025 closing share price (or 4.4% on 2025 average price)
Earnings cover: FY2025 diluted EPS 13.17p ? dividend covered ~1.3x (payout ~76%)
Free cash flow cover: FY2025 FCF £5.2m vs declared dividend (~£4.8m) ? ~1.1x coverage
Balance sheet: £5.6m net cash, no debt

Context from Results

Analysis: Sustainability and Growth

Step-change in payout: Total dividend lifted to 10.0p (vs 4.5p in 2024). The higher base implies confidence supported by double-digit ARR/revenue growth and margin expansion.
Earnings support: Coverage of ~1.3x on EPS is acceptable but not conservative for a recurring-revenue business; leaves less buffer if growth softens.
Cash support: FCF covers the declared dividend at ~1.1x; tighter coverage reflects elevated investment (capex on devices under IAS 16 and ongoing upgrade programmes). Net cash of £5.6m adds resilience.
Trajectory: With ARR (£37.0m) exceeding current-year revenue and improved NRR, forward visibility is favourable. Management reiterates a progressive dividend intent, balanced against organic investment and a strong balance sheet.

Structural or Policy Changes Affecting Dividends

Accounting policy change: Reclassification of tracking units and related costs to IAS 16 (PPE), with restated comparatives. This increases reported capex and depreciation and can make FCF timing more sensitive to growth/upgrade cycles, a consideration for dividend headroom.
Operational programmes: Ongoing 4G/2G replacement work (France through 2026; UK 2G sunset now expected from 2029). Remaining France cost c.€1.3m, manageable but a cash draw.
No M&A, demerger, or share consolidation flagged; modest option exercises only.

Risks and Flags to Dividend Stability

Tight FCF cover (~1.1x): Limited cushion if capex or upgrade costs rise, or if working capital reverses.
Network transition risk: Execution and cost control on 4G/2G migrations (France 2026; UK from 2029) could pressure cash in peak periods.
FX exposure: ~44% revenues ex-UK; sterling movements can affect earnings and cash generation.
NRR below 100%: Improved to 98.1%, but still implies slight net contraction after churn/downsizing; management targets >100% over time.
Macro/tariff/inflation risks and component supply dynamics; partially mitigated by UK assembly shift and inventory management.

Bottom Line for Dividend Investors

The 7.5p final (ex-div 02/04/2026) establishes a meaningfully higher dividend run-rate backed by strong FY2025 trading and a net-cash balance sheet.
Coverage is adequate but not generous; sustainability hinges on maintaining ARR growth, NRR improvement, and disciplined capex through network upgrade cycles.
Overall stance: Supportable on current metrics, with a watchlist on FCF headroom and execution of upgrade programmes.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
03/04/2025	30/04/2025	Final	3.00p	GBX
28/08/2025	30/09/2025	Interim	2.5000p	GBX

Total (Annual Dividends Per Share): 5.50p

Dividend Yield = Annual Dividends Per Share (5.50p) ÷ Share Price (235p) = 2.34%

Ex Dividend Date	Payment Date	Type	Amount	Currency
02/04/2026	30/04/2026	Final	7.5000p	GBX
28/08/2025	30/09/2025	Interim	2.5000p	GBX
03/04/2025	30/04/2025	Final	3.00p	GBX
29/08/2024	30/09/2024	Interim	1.50p	GBX
28/03/2024	29/04/2024	Final	1.50p	GBX
10/08/2023	06/10/2023	Interim	1.50p	GBX
30/03/2023	28/04/2023	Special	3.85p	GBX
30/03/2023	28/04/2023	Final	2.45p	GBX
11/08/2022	09/09/2022	Interim	1.50p	GBX
31/03/2022	29/04/2022	Special	5.10p	GBX
31/03/2022	29/04/2022	Final	1.90p	GBX
12/08/2021	10/09/2021	Interim	1.50p	GBX
01/04/2021	30/04/2021	Special	15.30p	GBX
01/04/2021	30/04/2021	Final	2.40p	GBX
13/08/2020	11/09/2020	Interim	2.50p	GBX
13/08/2020	11/09/2020	Special	0.87p	GBX
02/04/2020	01/05/2020	Special	5.80p	GBX
02/04/2020	01/05/2020	Final	4.20p	GBX
15/08/2019	13/09/2019	Interim	2.40p	GBX
04/04/2019	03/05/2019	Special	6.20p	GBX
04/04/2019	03/05/2019	Final	3.80p	GBX
16/08/2018	14/09/2018	Interim	2.40p	GBX
05/04/2018	04/05/2018	Special	6.80p	GBX
05/04/2018	04/05/2018	Final	4.30p	GBX
17/08/2017	14/09/2017	Interim	2.40p	GBX
06/04/2017	05/05/2017	Special	4.70p	GBX
06/04/2017	05/05/2017	Final	4.30p	GBX
18/08/2016	15/09/2016	Interim	2.20p	GBX
10/03/2016	04/04/2016	Final	4.00p	GBX
20/08/2015	24/09/2015	Interim	2.00p	GBX
16/04/2015	15/05/2015	Final	3.00p	GBX
02/12/2002	02/12/2002	Interim	1.50p	GBX

Year	Interim	Final	Special	Currency	Total	Change
2024	1.500			GBX	1.500	-78.100
2023	1.500	1.500	3.850	GBX	6.850	-24.300
2022	1.500	2.450	5.100	GBX	9.050	-57.100
2021	1.500	4.300	15.300	GBX	21.100	57.810
2020	2.500	4.200	6.670	GBX	13.370	7.820
2019	2.400	3.800	6.200	GBX	12.400	-8.140
2018	2.400	4.300	6.800	GBX	13.500	18.420
2017	2.400	4.300	4.700	GBX	11.400	418.180
2016	2.200			GBX	2.200	-75.550
2015	2.000	7.000		GBX	9.000	500.000
2002	1.500			GBX	1.500

Number of Shares:

Payment	Paid	Amount
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