Quilter
Website:
Quilter
Index:
FTSE 250
EPIC: QLT
Supersector:
Financial Services
Sector:
Financial Services
Subsector:
Asset Managers
Market Cap:
£2.5B
Payout Frequency: Semi-Annual
Quilter Dividend Analysis and Summary
Key dividend details
- Final dividend: 4.3p per share (cost c.£58m)
- Total FY25 dividend: 6.3p per share (+7% YoY)
- Payout ratio: ~60% of post-tax, post-interest adjusted earnings (company-stated)
- Dividend cover: ~1.7x (adjusted diluted EPS 11.0p vs DPS 6.3p)
- Ex-dividend date (UK): 16/04/2026
- Record date: 17/04/2026; Payment date: 18/05/2026
- South Africa: ex-div 15/04/2026; gross dividend 94.67035 ZAR cents/share (net 75.73628 after 20% tax)
New distribution policy and capital allocation
- From FY26: target distribution of ~70% of post-tax, post-interest adjusted profit via a mix of ordinary dividends and regular buybacks.
- Board expects modest annual growth in the cash dividend; interim set at one-third of the prior year’s total DPS.
- Announced £100m share buyback to be completed by end-2026.
- Pro forma Solvency II ratio 200% after the final dividend and buyback deduction (2024: 219%).
Support from financial performance
- Adjusted PBT up 6% to £207m; operating margin improved to 30%.
- Adjusted diluted EPS up 4% to 11.0p; IFRS profit after tax £120m (vs loss in 2024).
- Strong business momentum: AuMA up 18% to £141.2bn; core net inflows £9.1bn (8% of opening AuMA).
- Cost discipline: Simplification programme delivered £50m+ run-rate savings; base costs down as % of revenue.
- Capital headroom: Holding company cash £429m; pro forma SII 200% post distributions.
Dividend sustainability and trajectory
- Sustainability: The FY25 DPS (6.3p) is well-covered (~1.7x) by adjusted EPS and underpinned by growing AuMA and a 30% operating margin. The 200% SII ratio post buyback and dividend indicates adequate capital to support distributions.
- Growth outlook: Management guides to modest annual cash DPS growth under the new policy, with additional returns via ongoing buybacks supporting per-share growth.
- Earnings support: Net inflows, platform scale and efficiency gains are supportive, though revenue margin drift (42 bps vs 44 bps) and lower interest income moderately temper momentum.
Structural or policy changes affecting future dividends
- New distribution policy (from FY26): ~70% payout through a mix of ordinary dividends and buybacks; interim set formulaically at one-third of prior-year DPS.
- £100m buyback through 2026 reduces share count and can support DPS growth per share even if cash DPS growth remains modest.
- No demergers, share consolidations, or material M&A announced; Board notes only “modest” bolt-on M&A in planning.
Risks and flags to dividend stability
- Regulatory/remediation: Ongoing Advice Review provision at £42m (after a £20m release). Residual uncertainty on final costs remains.
- Market sensitivity: Fee revenue tied to market levels; revenue margin pressure (mix shift to lower-margin MPS, admin tiering) could cap earnings leverage.
- Cost trajectory: Management flags higher cost growth in 2026 to fund growth/Targeted Support, which may partially offset operating leverage near term.
- Capital buffer: Pro forma SII down to 200% post buyback; still solid but with reduced headroom vs 2024.
- Other: Higher FSCS levies and lower interest income on shareholder cash are modest headwinds.
Read more
Quilter Annual Dividend Yield - 3.35%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 10/04/2025 |
27/05/2025 |
Final |
4.20p |
GBX |
| 28/08/2025 |
22/09/2025 |
Interim |
2.00p |
GBX |
Total (Annual Dividends Per Share):
6.20p
Dividend Yield =
Annual Dividends Per Share (6.20p)
÷ Share Price (184.9p)
= 3.35%
Quilter Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 16/04/2026 |
18/05/2026 |
Final |
4.3000p |
GBX |
| 28/08/2025 |
22/09/2025 |
Interim |
2.00p |
GBX |
| 10/04/2025 |
27/05/2025 |
Final |
4.20p |
GBX |
| 29/08/2024 |
23/09/2024 |
Interim |
1.70p |
GBX |
| 18/04/2024 |
28/05/2024 |
Final |
3.70p |
GBX |
| 31/08/2023 |
18/09/2023 |
Interim |
1.50p |
GBX |
| 20/04/2023 |
22/05/2023 |
Final |
3.30p |
GBX |
| 01/09/2022 |
20/09/2022 |
Interim |
1.20p |
GBX |
| 07/04/2022 |
16/05/2022 |
Final |
3.90p |
GBX |
| 02/09/2021 |
20/09/2021 |
Interim |
1.70p |
GBX |
| 08/04/2021 |
17/05/2021 |
Final |
3.60p |
GBX |
| 03/09/2020 |
21/09/2020 |
Interim |
1.00p |
GBX |
| 02/04/2020 |
18/05/2020 |
Final |
3.50p |
GBX |
| 29/08/2019 |
20/09/2019 |
Interim |
1.70p |
GBX |
| 25/04/2019 |
20/05/2019 |
Final |
3.30p |
GBX |
| 23/08/2018 |
21/09/2018 |
Special |
12.00p |
GBX |
| Year |
Interim |
Final |
Special |
Currency |
Total |
Change |
| 2024 |
1.700 |
3.700 |
|
GBX |
5.400 |
12.500 |
| 2023 |
1.500 |
3.300 |
|
GBX |
4.800 |
-5.880 |
| 2022 |
1.200 |
3.900 |
|
GBX |
5.100 |
-3.770 |
| 2021 |
1.700 |
3.600 |
|
GBX |
5.300 |
17.770 |
| 2020 |
1.000 |
3.500 |
|
GBX |
4.500 |
-10.000 |
| 2019 |
1.700 |
3.300 |
|
GBX |
5.000 |
-58.330 |
| 2018 |
|
|
12.000 |
GBX |
12.000 |
|
Quilter Dividend Calculator
Quilter Dividend Growth
| Dividend Growth (1Y) |
6.78%
|
| Dividend CAGR (5Y) |
3.26%
|
| Years of Growth |
2
|
| Payout Ratio |
70%
|
| Buyback Yield |
-3.8%
|
| Shareholder Yield |
-0.34%
|
| P/E Ratio (TTM) | 20.94 |
|---|
| Forward P/E | 14.56 |
|---|
| P/FCF | 0.39 |
|---|
| Earnings Yield | 4.98% |
|---|
| FCF Yield | 256.82% |
|---|
| ROE | 8.31% |
|---|
| ROCE | 2.95% |
|---|
| Profit Margin | 1.28% |
|---|
| Operating Margin | 3.67% |
|---|
| Gross Margin | 23.15% |
|---|