Ann: A Strong Year for AVJennings - Operating Profit Up 22%-AVJ.AX, page-6

Payout is probably driven by the controlling shareholder, who I think is from overseas...hence they do not benefit from franking and would probably prefer to reinvest profits....I was amazed they didn't take this private..

the difference between revenue growth and profit growth, which on face value seems disappointing (margin contraction at the pre tax level) seems to be explained by equity earnings and other income including management fees......which makes the reality not so bad...perhaps they have put through a few expenses to soften the growth in earnings and make for a longer cycle......

all looks quite sound when you consider the level of gearing at the peak of a cycle...