Ann: Annual Report to shareholders, page-2

This annual report is just a rejig of the earlier results of course but I do like the rhetoric and in particular the outlook in a period that has most other industrials either not giving guidance or being very cautious. Last financial year has seen some slight improvement in margin which has been my major concern since owning them. Riches says that they are improving that aspect as they reach further integration of the acquisitions in recent years. I feel that this year will be the deciding year as to whether they going to rapidly grow or slowly improve their bottom line. The SP is holding up well, the tailwinds are there and cash flow is excellent despite a challenging industrial period according to most of the others. I am quietly confident.