Ann: Preliminary Final Report and Statutory Accounts, page-15

It's getting difficult to split out AU from US but I would guess that's a reason they broke out the US expansion costs (of $11.3m) in the press release. The AU business is throwing off roughly that much in cash each year, vs a share price of 45c for a 7% yield, and forecast to grow 20-30% in the next year.

IMO that makes the share price cheap, even up to 60c, considering the potential of the US.

Unfortunate no real US numbers provided but they did promise an update at the AGM (20 November if the last 2 years are anything to go by .

They've given us no cause for alarm WRT US setup and IMO Crowther would not have committed so much early expense if he didn't believe the opportunity was there in the near future. Pure speculation but I suspect that by 30 June 2016 we may find that the US operation is break even from a cash POV.

I remain bullish and think this will pay off handsomely in 2-3 years.