I've only had a quick look at the main financial statements, but...

I've only had a quick look at the main financial statements, but my initial thoughts are the same as you both ajg5 and pegslee. ROE is looking great, and margins are increasing. Can't complain about this.

I've just double checked the half yearly report from earlier this year and there was no mention nor even a hint of paying dividends, so you shouldn't be disappointed (or if you are, you should be disappointed in your assumptions made).

Just an observation in my local Coles (in the inner west of Melbourne) - they've recently gone through a revamp of the egg shelf space and FRM look to be the big winner. They have far more shelf space than before, and it is the free range eggs which are in prime position. Multiple FRM free range brands are displayed. Coles eggs retains its own shelf space, so FRM look to have taken shelf space at the expense of others. The FRM caged eggs (the cheapest pack of dozen available in my Coles) are still there, but have been relegated down to the bottom shelf.