1 cent divvy increase, page-2

I suspect that the analysts want a better breakdown of the local and international franchisee business and the HVN owned business, but then that might make negotiating with franchisees a bit more difficult for HVN management. Doesn't help that HVN has bought into dairy during a boom recently for trust though.

I thought the div was fairly strong at about 3% yield before franking credits, and the results were roughly as expected, which was good. The LFLs were acceptable considering that q2 was coming of a very strong pcp, and with the Franchise operations margin being very strong, I think you would take the higher margin over higher comparables anyway. I think HVN is holding onto a special div that will come some time - maybe when GH suspects the shorters need a quick lesson in when to "piss off". ;-)