There is a dividend policy of 65-75% of adjusted NPAT, so not much wiggle room, first half FY15 div of 3.5c was reported as 73% NPAT (not sure how they worked that out). For dividend to reduce there would have to be a reduced NPAT, or a change in dividend policy.
Given 5 of their 6 acquisitions where still being integrated during 1H-FY15, and are now reported has having been completed, its reasonable to expect their earnings will have improved. Especially given the attention they got from management resolving things excess overtime due to manpower problems, exiting bad contracts, and injection of extra working capital for PP&E.
There is also partial earnings from Nuvo, and some extra PPP's starting to contribute revenue.
Cashflow should be better this half compared to 1H-FY15 as there where a couple of one-offs related to the acquisitions (total of 36m), and they have spent less than 25m in acquisitions this half (Nuvo), compared to 103m in acquisitions (Prime Laundries, and UASG) and 79m on Investments (PP&E, IT, Pre contract costs). But I guess there might still be some new one-offs this half.
I dont see NPAT (or dividend) reducing unless they spring some new bad news on us, there is a chance it could increase to 4c
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