dividend outlook, page-7

"There was seasonality in the revenue so I would expect NWH to take the whole year into account in determining the final div."

Is this not pure wishful thinking? I would have thought the decision would be based on the company's upcoming requirements in the future.

And who says the debt is 0%? You cannot just deduct the whole cash balance. A big chunk of this cash balance is held by banks as security for performance bonds/guarantees required under contracts. I would venture at least 10% worth of contract value, which, based on outstanding book of $1.3b, equates to at least $130m of cash locked up.