It's encouraging that since 1 July 2021, SDF has invested a...

It's encouraging that since 1 July 2021, SDF has invested a further almost A$500 million to sensibly grow the business.

The ageing Chairman, Mr Frank O'Halloran, had difficulty at times reading the script that gave an emphasis to changes in remuneration policies following 'feedback' ,presumably that was somewhat critical.

It's great how the MD Mr Robert Kelly, a co-founder of the business about 25 years ago, was able to point out that 20.9 per cent compounding has been the annual growth in NPAT, although dividends have only compounded at around 15 per cent. (Still great though). Those of us who weren't aware of SDF until a year or two ago ought kick ourselves. This business receives far less media publicity than some journalists' favourites such as pathetic AMP or QAN in other sectors.

Underlying EBITDA growth of 13 per cent is impressive, and even better that EBITDA is up 13.6 per cent in 1Q FY 22.

Mr Kelly gave a good explanation of the 'trapped capital project' with further progress evident.

Answering questions, Mr O'Halloran said that the 1Q 21 trading update includes Coverforce that was acquired in late August 2021.

Mr Kelly said that the global trading platform (what it may do for others) was being evaluated during the last three months, and compared to competing systems. It's a big project, not to be rushed, but should be able to give an analysis at the half year.

In relation to 'SDF providing services to fossil fuel' (presumably an activist's question: does the person just have A$500 in shares?), we should support these if they show a pathway towards net zero. Mr Kelly said if we were to turn off all coal from Australian energy production tomorrow, it would be a very hot summer and there'd be other adverse impacts. (Great answer!) He said there has to be some logic and rationality in the debate.