Solid results - deserves a higher SP

The FY results are solid and come in at about forecast: 22.3% increase in profits on a 2.4% revenue increase, giving a ROCE of 14.9%.

A final 8c divvy has been declared.

The results suggest higher profitability is based on a reduction in cost of doing business, rather than increased sales.

Sizzler is still struggling, though EBIT has increased by 41.9%, so perhaps improvements are starting to bite - or maybe the closure of the 4 worst restaurants has plugged the leak? Sizzler Asia, on the other hand, is growing nicely with a 14.5% increase in royalty payments.

The Sang Stand is an interesting business. I personally do not favour it. While CKF report EBITDA is positive, they proviso this with a "at Stand level" qualifier, suggesting management, capital costs, and strategy implementation is weighing it down. Early days yet.

Net debt is decreasing, and that's always good to see. It now stands at $112.5M.

CKF's increasing footprint/EBIT should see an escalation of both its SP and DY.