Ann: Macmahon FY21 Investor Presentation, page-2

"The Board has declared a final dividend of 0.35 cents per share for the year ended 30 June
2021, bringing the total FY21 dividend payment up 8% to 0.65 cents per share (FY20: 0.60
cents per share). The total dividend represents a payout ratio of 18%, consistent with the
Company’s current dividend policy payout range of 10 - 25% of underlying EPS."

So in operational terms the company appears to be performing well, but there's no share price appreciation as a result. Presumably a big part of that is because precious little is returned to shareholders by way of dividend in alignment with the stated dividend policy. Does anyone have a view on why the company is so reluctant to distribute profit to shareholders, and what (if anything) might be a catalyst for that policy to change?

Reaper.