Yes, I thought the business would do OK even though competition...

Yes, I thought the business would do OK even though competition from the likes of unlisted Linfox must be intense. I underestimated how well, although I still need to see figures like depreciation to understand whether assets like trucks are being replaced with new equipment as needs to occur in the transport business.

Many of LAU's relationships with growers must be longstanding, but it seems to have also won a lot of new clients with its combined far larger rail and road offering.

Agree, an amazing performance by the Board (great move to have Mr Cantwell et al as Directors, even if it was a coup by one shareholder), the CEO with his family history and staff, including truck drivers and those who facilitate the daily movements, including visits to growers on site, many in Queensland.

I have stood by the lineside in Victoria a couple of times and seen large intermodal trains roll by, but the most LAU containers I've seen on board has been 10 out of about 75 wagons. However the videos above prove some interstate trains have 16. The camera doesn't lie, and nothing has been photoshopped.

Well done. A great year for this small company.