Ann: Half year results presentation , page-16

From TAH's half year report:

Tabcorp declared a half year dividend of 11 cents per share, which will be fully franked and payable on 25 March 2013 to shareholders registered at 18 February 2013. The full year NPAT payout ratio target is 80% (excluding the write-off of Victorian Tabaret goodwill), which is in line with previous guidance.


Going on past experience with TAH they are clearly expecting full year NPAT will be increase sufficiently to justify an interim dividend of 11 cents and presumably a final dividend of at least 11 cents.

This is a reasonable presumption when you factor in full year contribution from TGS, Keno expansion, etc. Also the setting up and roll out of TGS, etc would have higher costs than the ongoing operating costs so second half EBIT should be higher.