Ann: VALMEC DELIVERS STRONG HY20 EARNINGS, page-2

Assuming half the depreciation and financing costs of the last full year and a tax rate of 30% that gives a PAT of around $2.5 million or 2 cps, compared with $3.5 million for the full 2018-19 year or 2.8cps.

So if they at least repeat this outcome in the second half we earn 4 cps plus any settlement with John Holland.

Do we get a dividend at the half yearly? Depends on cash flow, which may lag given the rapid growth.