Senior

Website: Senior
Index: FTSE 250
EPIC: SNR
Supersector: Industrial Goods and Services
Sector: Aerospace and Defense
Subsector: Aerospace
Market Cap: £1.14B
Payout Frequency: Semi-Annual

Next Senior Dividend

Senior next goes ex-dividend on 30/04/2026. This will be the Final dividend for 2026.

The dividend per share amount is 2.1500p (GBP) and the payment date is 29/05/2026.

Declared dividend and key dates

Final dividend: 2.15p per share (up 30% YoY)
Total FY25 dividend: 3.00p per share (up 25% YoY)
Earnings cover (continuing): 3.2x (vs adjusted EPS of 9.65p)
Record date: 01/05/2026
Ex-dividend date: 30/04/2026 (derived as one business day before the record date)
Payment date: 29/05/2026
Indicative cash cost: proposed final c.£8.9m; FY25 cash dividends paid: £10.3m

Financial support for the dividend

Policy and guidance

Structural and capital allocation developments

Sale of Aerostructures completed on 31 Dec 2025; proceeds used to deleverage; earn-out/adjustments to be finalised in H1 2026
Planned £40m share buyback postponed due to ongoing possible offer discussions (Rule 2.4, UK Takeover Code)
UK pension plan buy-in with M&G completed, de-risking the balance sheet (one-off £7.3m charge related to benefit clarifications)

Dividend sustainability and outlook

Sustainability: Strong. Cover at 3.2x sits above policy range, FCF of £35.8m readily funds the c.£8.9m final; leverage at 0.9x provides ample headroom.
Growth trajectory: Positive. Total dividend up 25% vs EPS up 9% suggests a “catch-up” phase post-recovery, supported by improving margins (Aerospace 11.4%, Flexonics >11%). Further growth looks feasible if medium-term targets (double-digit margins, >85% cash conversion) are met.
Capital allocation fit: Consistent with stated priorities—progressive dividend within a 2.5x–3.5x cover framework, disciplined bolt-on M&A, and potential buybacks when permitted. Deleveraging post-disposal strengthens dividend resilience.

Risks and flags to dividend stability

Potential change of control: Ongoing offer discussions may alter capital return mix (buyback already paused) or future dividend policy.
End-market cyclicality: Exposure to civil aerospace build rates and land vehicle/industrial cycles; Flexonics restructuring underscores softer pockets of demand.
Disposal tail risk: Aerostructures completion accounts/contingent consideration outcome is uncertain (range £0–£50m), though management does not expect a materially lower receipt than currently recognised.
Finance cost/FX sensitivity: Higher net finance costs and USD/GBP translation could pressure cover if operating momentum slows.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
01/05/2025	30/05/2025	Final	1.65p	GBX
16/10/2025	14/11/2025	Interim	0.85p	GBX

Total (Annual Dividends Per Share): 2.50p

Dividend Yield = Annual Dividends Per Share (2.50p) ÷ Share Price (266p) = 0.94%

Ex Dividend Date	Payment Date	Type	Amount	Currency
30/04/2026	29/05/2026	Final	2.1500p	GBX
16/10/2025	14/11/2025	Interim	0.85p	GBX
01/05/2025	30/05/2025	Final	1.65p	GBX
17/10/2024	15/11/2024	Interim	0.75p	GBX
02/05/2024	31/05/2024	Final	1.70p	GBX
12/10/2023	10/11/2023	Interim	0.60p	GBX
27/04/2023	26/05/2023	Final	1.00p	GBX
13/10/2022	11/11/2022	Interim	0.30p	GBX
30/04/2020	29/05/2020	Final	5.23p	GBX
31/10/2019	29/11/2019	Interim	2.28p	GBX
02/05/2019	31/05/2019	Final	5.23p	GBX
01/11/2018	30/11/2018	Interim	2.19p	GBX
03/05/2018	31/05/2018	Final	4.90p	GBX
19/10/2017	30/11/2017	Interim	2.05p	GBX
27/04/2017	26/05/2017	Final	4.62p	GBX
20/10/2016	30/11/2016	Interim	1.95p	GBX
28/04/2016	31/05/2016	Final	4.36p	GBX
22/10/2015	30/11/2015	Interim	1.84p	GBX
30/04/2015	29/05/2015	Final	3.96p	GBX
23/10/2014	28/11/2014	Interim	1.67p	GBX
30/04/2014	30/05/2014	Final	3.60p	GBX
23/10/2013	29/11/2013	Interim	1.52p	GBX

Year	Interim	Final	Currency	Total	Change
2024	0.750	1.700	GBX	2.450	53.120
2023	0.600	1.000	GBX	1.600	433.330
2022	0.300		GBX	0.300	-94.260
2020		5.230	GBX	5.230	-30.350
2019	2.280	5.230	GBX	7.510	5.920
2018	2.190	4.900	GBX	7.090	6.290
2017	2.050	4.620	GBX	6.670	5.700
2016	1.950	4.360	GBX	6.310	8.790
2015	1.840	3.960	GBX	5.800	10.050
2014	1.670	3.600	GBX	5.270	246.710
2013	1.520		GBX	1.520

Number of Shares:

Payment	Paid	Amount
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