Ann: Appendix 4D and Half Year Report December 2016, page-14

Despite the modest rise in the dividend (I'd love 10% dividend growth p.a from all my investments!) importantly, the DRP won't be in operation. That means we only need about 6% earnings growth in FY18 to surpass the record 17.6 eps from FY2014 - that looks a formality.

I'm wondering if the recent strengthening of business performance has anything to do with a rebounding resources sector, particularly now that SNL has enhanced the Perth branch. Though in reality, there are probably many growth levers that the company is pulling now - recent stores opened would now be starting to hit their straps, the $A has strengthened allowing better buying and the new Sydney DC is reportedly performing well. Of course when you only have 19 branches in Aus / NZ, adding one or two branches is reasonably significant to the overall business performance.

SNL remind me of a smaller version of Reece, the attention to customer needs, high level of service, availability of quality products ( as opposed to the cheapest)  ....... Not to mention the longevity of management and the director ownership. Does anyone else see such similarities?