solid result, bright future

Just had a quick look at the results and am pretty pleased with what I see (will do the full numbers when annual report is published). Mick's only been there a few months and is really making some things happen, stuff that should have happened 2-3 years ago, it is now looking and feeling more like a business. A business that is not really complicated and is scalable if the market turns up (or down).

Highlights for me:
EPS (under lying): 13 cents Vs consensus of 12.1

Future:
* Interest costs will be approx half in FY12, i.e. $10 mil less
* Cost reduction programme to yield $12 mil, guessing much of the $7 mil savings to date haven't featured in FY11 results looking for approx $10 mil say in FY12
* Ditch Excelor business will yield improvement of EBIT $2 mil

So without fixing margins, without growing, without anything else all things being equal this should be around 9.5 cps, on top of FY11, that is minimum 21.5 cps FY12 (current consensus for FY12 is 18.7 (source commsec)) and I would expect more, in this turn around story, it should get us to a SP of $3 this coming year.