Ann: First Half 2019 Results, page-5

This is a great result, with the growth in profitability of the training operations a real standout. Training margins have improved substantially, and the Q2 run rate suggests they are fast approaching 20%. The labour business was slightly below expectations as Concept Engineering grew slower than expected, however their messaging that there were delays in a number of infra projects in Q2 was consistent with the messaging from a number of other infra related stocks recently. Accordingly, there is no reason to suspect this shouldnt improve during H2 (and they recorded this great group result even with this slower growth). Corporate costs were also down again, however I cant imagine this has much more fat to cut. The Q2 result annualised suggests we are looking at EPS of >4c, with strong grow expected to continue.
Cash on balance sheet was lower than expected due to seasonal W/c, although should be in the high single digits by year end. I agree with other posters that the FY dividend should at least match the 2.5c last year, but could well be higher. The discussion around M&A also suggests that a deal could be close. There are a number of other players that are struggling at the moment (take a look at Rubicor) so some opportunities are bound to come up (including in the training space). What I continue to like about management here is not only their demonstrated ability to run these businesses well, but their strong and disciplined focus on capital management. 40c s/p here is a minimum - just  not sure when Mr Market will agree.