Senior
Website:
Senior
Index:
FTSE 250
EPIC: SNR
Supersector:
Industrial Goods and Services
Sector:
Aerospace and Defense
Subsector:
Aerospace
Market Cap:
£1.2B
Payout Frequency: Semi-Annual
Senior Dividend Analysis and Summary
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
- Adjusted PBT: £51.2m (+21%); adjusted EPS: 9.65p (+9%)
- Free cash flow: £35.8m (+37%); cash conversion: 90%
- Net debt (pre-IFRS 16): £73.3m with leverage 0.9x (down from 1.8x)
- ROCE: 13.1% (+140 bps)
Policy and guidance
- Progressive dividend policy targeting earnings cover of 2.5x–3.5x
- 2026 trading “in line with expectations”; medium-term targets unchanged
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.
Read more
Senior Annual Dividend Yield - 0.88%
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 (285p)
= 0.88%
Senior Dividend History
| 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 |
|
Senior Dividend Calculator
Senior Dividend Growth
| Dividend Growth (1Y) |
25%
|
| Dividend CAGR (5Y) |
58.49%
|
| Years of Growth |
3
|
| Payout Ratio |
–
|
| Buyback Yield |
-0.5%
|
| Shareholder Yield |
0.54%
|
| P/E Ratio (TTM) | 44.85 |
|---|
| Forward P/E | 28.25 |
|---|
| P/FCF | 47.08 |
|---|
| Earnings Yield | -0.36% |
|---|
| FCF Yield | 2.12% |
|---|
| ROE | 6.42% |
|---|
| ROCE | 9.44% |
|---|
| Profit Margin | -0.57% |
|---|
| Operating Margin | 7.29% |
|---|
| Gross Margin | 7% |
|---|