Wing it If you look at the annual report, they paid over 18 m in...

Wing it
If you look at the annual report, they paid over 18 m in dividends last year and 24 the year before. the change reflects the drop in payout ratio form 70 t0 50 and the slight drop in NPAT. Now i suspect NPAT will be similar to last year so perhaps they want to divert some of that free cash flow to debt reduction. they could pay 2c per share which is he equiv of about 10m, which would still ewuate to a 7% dividend on current prices . lets not forget if the cross media and reach lows change PRT may want to have balance sheet strength to grow and diversify. Perosnally I dot mind a reduction in pay out ratio to accelerate the debt pay down. Gearing is low at 1.4X EBITDA, but getting lower will enable some growth n the future