The KWV Group announced that it would not be declaring a dividend for the year ending June 2001, in spite of increased headline earnings of 22.4%, up to R51.5m (US$5.6m), compared with R42m in 2000. According to the group's annual report, which has just been released, the growth in headline earnings was directly attributable to an increase in export turnover, as well as improvements in production efficiency and overall cost control.