The market paid out £15.4bn in the period in spite of a 90% fall in special dividends, according to the latest Capital Asset Services Dividend Monitor report.
The report added that, if the fall in special payouts is removed, underlying dividends actually rose by 16.2% in sterling terms.
However, the high payouts compared to last year are largely the result of currency fluctuations as many UK multinational businesses gather profits denominated in overseas currencies like the dollar, which are now worth more against sterling.
Capita said that in fact if the effects of currency shifts are removed underlying dividends fell marginally.
The pound first slumped amid the Brexit vote on June 23 last year, so it is likely that after that point this year dividend measures will no longer reflect the slump in sterling.
Capita said that the underlying economy was supportive of rising dividends, however.
“The worst of the big dividend cuts of 2016 is now almost over, and economic growth around the world is picking up, providing a supportive backdrop for company profits,” said Capita.
“The UK economy has also held up well, though there are worrying signs around investment, inflation and real income growth.”
Capita added that the first-quarter figures were also flattered by an unexpectedly large boost in BHP Billiton’s dividend.
