TCL -0.98%: the toll road company was out with 1H numbers today showing a largely in line result, though the all-important dividend was pre-announced. Daily traffic numbers were slightly disappointing, only growing 2.1% though Revenue was up 6% while EBITDA grew 7.5% to $1.3b, only the smallest of beats to consensus expectations. They’ll pay a 30cps interim dividend and left FY guidance for 62c (32c 2H) unchanged however the market was hoping for a small upgrade here. The market was keen to hear about growth plans following the ACCC’s decision to block the acquisition of the only other Australian toll road operator, Horizon Roads which runs East Link in Melbourne, last year. Hile no new opportunities were presented, the company did flag North America as a growth avenue outside of its current asset base.
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