Wart Alert:
This time there's a $365k profit on an asset sale that was taken, meaning that normalised Pre-Tax Profit is $5.42m, up 11% on pcp, and pro forma NPAT is $3.80m up 12.5% on pcp.
Still, a credible outcome on a flattish top-line.
Most interesting is the 22% leap in the interim dividend, meaning an increase in the payout ratio (to 68% from 63%, pcp), based on normalised EPS.
Ann: Half Year Report and Accounts, page-3
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