Ann: Media Release - AVJennings Delivers Strong Results, page-6

I was expecting the $25m PBT, however that was based on the comparison of PCP which had the impairment of approx $5m written back (i should have taken it out).

I'm happy with results, they came in slightly better than i expected. Management pretty much deliver on their strategic plan, and cleverly changed the product mix and delayed recognition 12-18 months ago.
NTA continued to climb steadily (have a look at the NTA chart over the last 3-4 years - consistency). Sits at 99c so still trading at a large discount.
I was hoping they would increase the dividend to 2c, but unsure, the fact they did gives me a great deal of confidence they will continue to reward shareholders with sizeable FF dividends.
I would suggest the end of year divi increases from 4c to 4.5c in line with their payout ratio and strong second half to the year. 6.5c FF dividend and NTA to increase to > $1 by June 30.

Just a consistently string performer this stock that pays fantastic FF dividends and trades at a big discount to NTA.

Not much not to like!