Result was as expected but was a relief to see the...

Result was as expected but was a relief to see the details...complete with a good divi that they can easily afford....

VTG throws off strong free cash flow, which is 'masked' on the income statement due to VTG substantial historical expansion CapX spend over the years......CapX that has seldom been used well over the years but serves to mask the great cashflow....clearly, the solid profitable aspects of the business require almost no maintenance CapX

VTG has no net debt now....can fund the divi...even after major spend on T store rollout...and debt payback

T store rollout looks to be a serious money maker indeed....to date it has been difficult to judge, but this result shows it like a beacon.....and the key seems to be the increased competitiveness of Telstra product.

NextByte made an EBITA loss on great revenue growth!!!!!! They are running a charity for Apple Corp! Unbelievable.....

Fone Zone continues to reduce in store numbers....a declining business.....

For all VTG's faults, the currents sweetspot of profitability in TLS's franchise business means that VTG has strong growth prospects even though Fone Zone and NextByte a major disappointments....

It's a complex business.....but management is starting to execute in their own weird way....the share price does not show it yet, but this could well be a big year for VTG