Ann: Half Yearly Report and Accounts, page-2

NPAT declined by 14 per cent but given COVID-19 overreach by governments and alarmist health advisers in many nations, this is a reasonable result, perhaps better than expected.

No debt and Alf M obviously not hesitating to close underperforming offices (such as in Istanbul) are positives.

NTA increased by about 2.5 per cent.

72 per cent occupancy rate was more or less stagnant with !H 21 but it's way better. for instance, than the seat occupancy rate for many international (and in Australia) domestic airlines, and also much higher than many hotels at varying price points worldwide.

The exuberant but under pressure UK Prime Minister Boris Johnson is leading the way among Westminster democracies in scrapping COVID-19 related restrictions.

Locally, Sydney's lead and Melbourne following in encouraging a return to CBDs won't see every employee or business immediately complying but indirectly it'll help SRV by gradually removing the stigma that the two largest CBDs have been saddled with during the past couple of years as they became unpopular deserted wastelands.

Dividend of 10cps is fair.

Unlike ZIP and a few other 'tech' companies, SRV's investment in IT keeps it consistently profitable.

There's been some adverse comment in one other 'HC" thread about the management but from a holder perspective, they seem good, and experienced.