Just reading through the results and presentation. At first...

Just reading through the results and presentation. At first glance looks a very good result year on year. I'm a little disappointed with the second half dividend being only 3.5c and the overall payout ratio of approx 50% For the 2014 FY.

Having said that if you read the investor presentation it is glaringly obvious that Management really intends focussing on the loans businesses for growth over the next few years. To do this FSA must contribute part of the increased loan books from retained earnings and therefore the dividend payout ratio will likely stay where it is over the next few years. Of course as profits grow the dividend will also grow provided the payout ratio stays the same. As always would appreciate other comments.