I must admit that I was disappointed that the divi was not higher. With $27m cash on the bal sheet and cash going into investing activities running below $2m per annum (for the past 2 years), a loosening of the cash to shareholders would have been nice.
Africa being segmented out is interesting. It is contributing 15% to the total business ebit. Watching to see whether Africa grows to become a bigger proportion of the revenue could affect the franking ability over time. Potentially LYL are keeping their franking credits to continue to pay a franked dividend while the African projects are a reasonable part of ebit.
A good solid result. The company appears to be well managed, just gets on and does what it needs to do and delivers to shareholders.
HT1
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