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Q1 2025
“As US trade policy convulses capital markets, investors are absorbing the likely impact on corporate profits. Despite this, Q1 was a little better than we expected, and Q2 is shaping up well too, with the fastest growth coming from banks.”
UK dividends fell 4.6% in Q1 – masking encouraging growth in key sectors
Key highlights:
Total dividends: UK dividends fell to £14.0bn in Q1 2025, down 4.6% on a headline basis and 0.2% on an underlying basis - Key cuts: Cuts from three prominent companies hit the Q1 growth rate by five percentage points, while lower special dividends also hit the headline total
- Pharmaceuticals companies: Currently showing the fastest dividend growth in a decade, made the strongest positive contribution in Q1
- Median growth: The typical (median) company dividend growth was 3.3%
- 2025 dividends: Better than expected in Q1, and Q2 looks more positive too, though renewed strength in the pound will now depress headline growth this year
- Underlying growth: Upgraded to 1.8% (from 1.0%) generating £85.6bn in regular dividends for 2025
- Headline growth: Downgraded to 0% (from 0.7%) reflecting stronger pound – headline payouts set to reach £90.1bn
- Share buybacks: Final tally for 2024 was £63.2bn as repurchases accelerated in the second half of the year
