firstly they don't have debt so they don't have finance costs -- occupancy costs are taken out at the top level.
dusk dividend policy is to pay 60-80% NPAT with a goal to minimize the variation between the interim and final dividend.
ie in H1 they made NPAT 14.7M however they only paid out ~42% because H2 is always weaker (i'm not sure why people keep on banging on about this, its not controversial as most discretionary retailers are like this) and they have to pay for their Xmas inventory.
EBIT of 26.3M translates into NPAT 18.4M, 60% of which is 11M = 17.5c dividend at the lower end of guidance = 7.5c H2. Upper end of guidance would be 13c although that's not going to happen. 7.5c to 10c for me.
Ann: Trading Update, page-18
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