PGR, SFH and dividends

Interesting to see SFH's AGM announcement today that they are on track to achieve high single digit revenue growth in H1. Obviously the tough retail environment is not a constraint to growth for good operators. I understand that SFH/City Chic also has Myer concessions (which appears to be the main area of weakness for Review), however I don't believe they are as material a part of revenues as they are for Review. 

In any case, I am very interested to see PGR's H1 result. I know that PGR's AGM announcement was cautious and PGR is very reluctant to provide H1 guidance given the importance of the Nov/Dec trading period, however with strong growth coming through from new contracts in Designworks and strong growth in swimwear from recent investments, it will need to be a very weak result from Review to drag H1 profit below 2018 (particularly given the H1 result in 2018 of $8.4m included $1m of takeover costs). Accordingly, absent a very poor result from Review, they should be able to comfortably match or exceed last years H1 dividend of 1.5cps , particularly given their cash demands are moderating after making recent investments in new contracts and swimwear growth. (For those with a more bullish perspective, if they match last years H1 EBITDA (before takeover costs) of $9.4m, and up their payout to 70% of NPAT, this would allow a H1 dividend of 2cps).