Ann: Chairman & CEO's Address to Shareholders, page-2

What a superb pair of presentations - comprehensive, well set out and, most importantly, they convey just where SRH is heading (onwards and upwards).

A few key takeaways for me:

* (slide 8) The dramatic decline in Australia's transport infrastructure spending (major projects) over 2013 and 2014 - which provided a difficult operating environment during SRH's turnaround years - and the substantial growth of such spending in 2016 and the projected further strong growth out to 2020. This should provide a much more favourable operating environment for SRH.

* (slide 10) The ongoing productivity-enhancing restructuring of the business. Really good stuff - there's clearly a lot of strategic thinking going on inside SRH.

* (slides 12-19) The ongoing investment in tightly-targeted R&D and the growth of export sales.

SRH continues to fire on all cylinders - and it's back in profit and the outlook is excellent.

Importantly, SRH's profit growth is 'top line driven' (slide 7) - that is, sales growth should translate significantly into profits.

I can't say this often enough: 'Well done management.'