Yes, it was yet another another steady ARB result.
It had a few brickbats, which presumably you picked up, the main one being the ~$2m profit from asset sale taken above the line.
Like you, I found the $10m additional investment (17$ higher) in stock over the past 6 months to be an interesting (leading) indicator.
Also, Australia keeps silencing any niggling post-resources boom doubts, with impressive Revenue growth and margin uplift on pcp, to boot.
And even on a constant currency basis, the US Revenue performance impressed too, even if the underlying earnings contribution lagged. My strong suspicion is that there is a meaningful investment here in marketing and distribution costs ahead of the sales curve.
All in all, it is another ARB result that makes me not have to think about the stock again for another 6 months.
ARB Price at posting:
$15.22 Sentiment: Hold Disclosure: Held
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