$2.00 Close!

Steady price increase over the last few months. Great stock, nothing on the sell side. Go surf-stitch!

From byronbay:
· Revenue $103.6m up 23% (BPe - $105.4m)
o Asia Pacific revenue $42.2m up 40% (BPe - $38.9m)
o Europe revenue $46.7m up 22% (BPe - $51.7m)
o USA revenue $14.8m up 7% (BPe - $14.8m)
· Gross Profit $48.6m up 29% (BPe - $47.5m)
· EBITDA $3.0m up 160% (BPe - $2.7m)
· NPAT $0.3m (BPe - $0.2)

Slight miss at the revenue but beat at the Gross Profit level is very promising for FY15 result.
· Asia Pacific is trading out of its skin… Very strong revenue and GP improvement
· Europe is doing well with 22% growth and increase in GP, but will continue to improve as integration continues,
· Improved stock management and supplier terms are starting to take effect with a solid increase in GP margin
· SRF reaffirmed its full year prospectus forecast.
· January + February trading to date indicate accelerating growth in key regions.
· We expect strong sales growth to continue as there is still a lot that can be done in product assortment/range, Marketing/content strategy and entering new markets (tailored country-specific websites etc.).

Overall a good result and reaffirms our positive view.