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From memory, parts of the business which use agricultural inputs (eg milk) have a seasonal influence.

I am unclear about the tax rates. Last year first half had >30% tax rate used, but full year was much lower.
Have you seen any indication from the company about the likely full year tax rate this year?

In any case, I dont think we should get too bogged down in a tax rate change from one year to the next, in the long run they will be paying full tax.

In the current climate, the lower borrowings and financial capacity to pay a dividend will be highly valued.

Even on a PE of 11, its still a good investment, imo, considering the long term growth potential.
If they keep growing at 30%, the market will eventually wake up and price them as a growth stock on a much higher PE.