Ann: Chairman's Address and Half Year Performance Guidance, page-2

Good to see the company, as it puts it, 'sweating assets'.

It won't be alone in having a project run late.

Unfortunately it isn't a hybrid AGM as I'd have liked to have asked whether SNL sees signs of a downturn among its trucking clients, but one infers from the Chairman's commentary that the situation is more positive. Toll (privately owned) commented that retail freight had slowed (a remark probably referring to colthing and footwear orders) but listed LAU (fresh produce, using both road and rail) has been far more positive.

For me, the spectre of a 2023 recession lurks but may not affect large users of trucks and other road-based equipment such as miners.

It was challenging to obtain a small holding in SNL as to put it mildly, to observe 100000 shares traded in a day would be most unusual. There continue to be days lacking any, or only negligible, scrip turnover but I can't say I'm disappointed re investing in this entity.

A well run company that goes from strength to strength, knowing its highly specialised niche. Though not a monopolist, it seemingly has a REH-type moat around its operations. It'll never admit that.