The blood pressure tends to spike when I read the words "Profit Guidance". This is code for "Downgrade" in 90% of companies. SNL almost makes a point of brushing aside success whilst always being upfront about the reasons for any missed expectations. This instils great confidence in the printed words of company communications. Zero energy is expended in self promotion, the focus is always on the primary business, not the secondary market.
Looks like the payout ratio wont need to be 'flexed' to maintain dividends. Cash flow will now become a feature given the major expansionary capital expenditure is completed. With low gearing levels the prospect exists for an increasing dividend outlook rather than a maintained dividend.
Its interesting that the language in February was of a "highly competitive market". This has now been referred to as "current trading conditions" without reference to whether conditions have improved or are still highly competitive. Hopefully the latter as that would bode well should the industry tides rise.
SNL Price at posting:
$2.55 Sentiment: Hold Disclosure: Held
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